Global gas markets are experiencing their most significant disruption since 2022 due to escalating tensions with Iran, which has led to supply chain uncertainties and price volatility. The conflict has raised concerns over energy security, particularly in Europe and Asia, which rely heavily on Iranian gas imports. Geopolitical risks are amplifying market fears of potential supply cuts, pushing prices to multi-month highs. This development could ripple across other energy markets, including oil and LNG, and impact inflation trajectories in energy-dependent economies.