Qatar’s Ties to Hamas Raise Global Energy Security Concerns

Oil isn't the only commodity that flows through the Strait of Hormuz

The brutal Hamas attacks on Israel and the continuing military response to them have given rise to many questions related to regional and global energy security in recent days.

As is always the case whenever new conflicts arise in the Middle East, the direction of oil prices was the first question on the minds of most analysts. The market’s response thus far has been fairly muted, with crude prices rising by about 5% at the start of Monday trading. That trend appears likely to continue absent some significant escalation of the conflict outside of Israel and Gaza, or a decision by officials in the Biden administration to restart enforcement of U.S. sanctions in Iran’s oil exports, which they quietly stopped performing late in 2022.

With Israeli Prime Minister Benjamin Netanyahu promising a ground campaign to eradicate Hamas and President Joe Biden pledging full U.S. support, other questions around regional and global energy security are also being raised. Prominent among them is the status of the government in Qatar, and the country’s exports of liquefied natural gas (LNG) that serve as a vital source of needed natural gas supplies across Asia, Europe and the UK.