QatarEnergy invoked force majeure on long-term LNG supply contracts on March 25, citing its inability to fulfill delivery obligations for up to five years as a result of the Strait of Hormuz crisis. The declaration primarily affects Asian and European buyers. Oil flows through the Strait have fallen by an estimated 98%, with approximately 1,100 ships valued at $30 billion, and 20,000 seafarers, currently trapped inside the Gulf. Iran is reportedly charging vessels from non-hostile nations fees of up to $2 million for safe transit. The IEA has characterized the disruption as the largest supply shock in the agency's history.