Middle East conflict disruptions have cut off approximately 20% of global LNG production since late February 2026, reducing EU LNG imports by 8% year-over-year in May and intensifying competition for cargoes between Europe and Asia. Additionally, EU aluminum imports hit a decade low in March 2026, while Brazil's diesel import flows are heavily reliant on Russian supply with 10 tankers currently in transit for June delivery to Santos, Manaus, and Itaqui.