Helium, a by-product of natural gas extraction used in semiconductor manufacturing for ultra-clean cooling, leak detection and inert shielding, faces a global squeeze, with Qatar among the world’s most important suppliers.

This comes as the US-Israeli attacks on Iran have already disrupted liquefied natural gas (LNG) production in Qatar, a leading LNG supplier, and constrained shipments through the Strait of Hormuz, a key energy chokepoint that is now paralysed.