The escalating tension has caused several liquefied natural gas tankers to change course and leave the Red Sea.

The escalating tension has led to liquefied natural gas tankers diverting from the Red Sea. Due to the threat of cargo delays caused by the Israel-Hamas war, an increasing number of tankers are choosing to bypass the Red Sea. While European countries like Qatar continue to transport liquefied natural gas through the Red Sea, companies such as BP p.l.c. and the Norwegian National Oil Company are opting to avoid the region. Additionally, the Panama Canal is also restricted due to drought, which may result in more U.S. liquefied natural gas being rerouted through southern Africa. European natural gas prices have risen, but North Asia has ample winter stockpiles.