The Associated Press on Sunday reported that Iranian strikes on US-linked gas infrastructure in Qatar is now threatening to disrupt not only global energy markets, but also key technology supply chains, due to the role Qatar plays in helium production.

The strikes come in direct response to the earlier targeting of Iran’s own energy sector, particularly the attack on the South Pars gas field, the country’s largest and most strategic source of natural gas. Iranian officials had warned that any attempt to hit its economic infrastructure would be met with reciprocal measures across the region, signaling a shift toward targeting energy assets tied to the broader war effort.

Qatar, which shares the same gas reservoir with Iran, became part of this escalation, with strikes on Ras Laffan reflecting a deliberate mirroring of earlier attacks on Iranian facilities.

Helium shock

The Gulf state supplies roughly a third of the world’s helium, a gas that, despite its everyday image, is essential for advanced industries, including semiconductor manufacturing, medical imaging, and space launches.

Production was halted earlier this month at the US-linked Ras Laffan facility after attacks on energy infrastructure, with further strikes this week causing what officials described as extensive damage. Qatar's state-owned energy company has since warned that helium exports will be reduced by around 14 percent.

“It makes the story worse,” Phil Kornbluth, president of Kornbluth Helium Consulting, told AP. “Your best-case scenario would be you’re back producing some helium in six weeks or something like that. As it looks right now, that’s highly unlikely.”

Prices surge

Prices have already begun to rise, with spot rates doubling since the crisis began. While most helium is sold through long-term contracts, analysts say sustained disruption could push those prices higher as well.

“There’s lots of room for price increase if this is an extended outage,” Kornbluth said.

The impact has not yet fully reached global markets, largely because shipments sent before the escalation are still arriving. But that buffer is expected to run out within weeks.

“Nobody’s run out of helium yet. But it’s a few weeks out when the shortage really hits,” he added.

Chips under pressure

The implications are particularly serious for the semiconductor sector. Helium is used during chip production to regulate temperature, especially in the etching phase, where maintaining consistent cooling is critical.

“You really want to maintain a constant temperature over the wafer. And in order to do that, you need to be able to draw heat away from the wafer that’s being processed,” said Jacob Feldgoise, an analyst at Georgetown University’s Center for Security and Emerging Technology. “Helium is an excellent thermal conductor. And so chip fabs will blow helium over the back of the wafer in order to speed heat removal and keep heat removal consistent.”

There is currently no viable substitute for helium in this process.

Beyond chipmaking, helium is also used to cool MRI machines and in rocket fuel systems, making it a key resource across both medical and aerospace sectors.

Supply chain strain

The situation is further complicated by transport constraints. Liquid helium must be stored in specialized containers that can only hold it for a limited time before it begins to escape. Around 200 of these containers are currently stuck in the region, slowing efforts to stabilize supply.

“It’s going to take a fair amount of time to get these containers out of Qatar and to get them somewhere else where they might be able to be filled with helium,” Kornbluth said. “So this initial period when you lose Qatar supply and have to rejig the supply chain and reposition containers, that’s going to be the worst part of the shortage most likely.”

With few alternative producers and Russian exports restricted by sanctions, options for replacing Qatar’s supply remain limited. Asian manufacturers, particularly in South Korea, are seen as especially exposed due to their reliance on Qatari helium.

“Even disruptions affecting just a handful of materials could destabilize the entire semiconductor manufacturing process as each stage of production depends on the previous one,” said Jong-hwan Lee, a professor at Sangmyung University.

Still, analysts say a complete supply collapse is unlikely. In the event of shortages, helium is typically redirected toward critical sectors such as healthcare and chip production, where demand is hardest to replace.

But the situation points to how quickly a regional escalation can ripple through global industries, exposing vulnerabilities far beyond the immediate battlefield.

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