Qatari LNG cargo passes through Hormuz, headed for Pakistan's Port Qasim

Mettis Global reported that Qatar has dispatched a shipment of LNG across the Hormuz waterway, the first such passage since July. Ship-tracking data cited by Bloomberg shows the tanker, named Al Marrouna, is bound for Port Qasim and could arrive as early as Thursday. The vessel loaded in Qatar early last month and kept its transponder switched on for the whole route through the waterway.

Traders read the movement of several empty Qatari carriers back toward the Gulf as a sign Doha may be rearranging its fleet to restart exports, despite renewed tensions between Washington and Tehran. Before the conflict Qatar supplied about a fifth of global LNG volumes, but it largely halted shipments after one of its vessels was attacked in late July. Gas benchmarks in Europe and Asia have climbed to three-year highs in recent days, while flows out of the Gulf remain far below pre-war levels.

Broader exports would relieve strain on South Asian buyers, several of which have faced fuel shortages and rolling blackouts. Separately, Iran signalled that an accord with Oman on managing Hormuz traffic could be finalised soon, a development traders are monitoring closely. A force majeure notice on LNG deliveries to Europe and Asia has been lengthened to run through October, keeping prices elevated.