The closure of the Strait of Hormuz has removed more than 80 million tonnes per annum (mtpa) of LNG from global markets — equivalent to nearly one-fifth of worldwide supply — creating conditions for a fresh wave of multi-billion-dollar LNG investments outside the Middle East even as energy buyers grapple with unprecedented uncertainty over future gas supplies, according to a new Wood Mackenzie analysis. The report suggests that while the immediate impact has been a sharp tightening of LNG availability and heightened price volatility, the bigger story may be the investment response. More than 150 mtpa of LNG export capacity is already under construction outside the Persian Gulf, predominantly in the United States, while another 30 mtpa is expected to reach final investment decision (FID) by the end of 2027. Under a prol