Qatar is one of the world’s largest LNG exporters. So why is it signing long term contracts to buy U.S. natural gas? Because producing energy and reliably delivering it are two different things. Prolonged disruption of Hormuz is changing the math for Gulf producers, incentivizing them to build supply chains around the chokepoint. And the relative value of Western Hemisphere energy is rising as an alternative source far away from the fighting. This is exactly the dynamic I explored in Building Around Hormuz: https://alphabetasoup.substack.com/p/building-around-hormuz /1