The energy exporter's economic output fell 10.3% month-on-month during the second quarter, according to recently released data. This contraction follows the ongoing blockage of the Strait of Hormuz, which has severely curtailed the state's ability to export liquefied natural gas and has led to a year-on-year GDP drop of 15.7% for the period.

Prime Minister Mohammed bin Abdulrahman Al Thani confirmed that Qatar has lost $24B in gas sales since the war with Iran began, as QatarEnergy shipped only 18 LNG cargoes compared to 509 in the previous year. European gas prices rose by as much as 3% after the producer extended force majeure on deliveries to Asia and Europe through November, with some European suspensions remaining in place until December.