According to Woodside's CEO, why is the global market underestimating the impact of the Iran war on LNG supply?

Woodside CEO Liz Westcott stated that 'markets and consumers and society are yet fully appreciating' the prolonged impact of the Iran war on LNG supply, noting there is a mistaken belief that 'things will return to normal at some soon point' — highlighting a widespread underestimation of the duration and severity of the disruption.

What immediate effect has the near-closure of the Strait of Hormuz had on global LNG supply, and how have spot gas prices responded?

The near-closure of the Strait of Hormuz since late February — following US and Israel strikes on Iran — has 'choked a fifth of global LNG supply'; while spot gas prices in Asia and Europe are 'up more than 60% over pre-war levels', they have 'moderated from the highs of March' and remain 'far lower than in 2022' after Russia's invasion of Ukraine.

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