Qatar's Ministry of Finance announced that the country's budget deficit reached 21.2 billion riyals (approximately $5.8 billion) in the second quarter, the highest level since late 2016. Due to the de facto blockade of the Strait of Hormuz by the US-Iran conflict, natural gas revenues have almost evaporated, with the country's liquefied natural gas (LNG) exports plummeting from approximately 20 million tons per quarter in the same period last year to less than 2 million tons between April and June 2026. The International Monetary Fund (IMF) expects Qatar's economy to contract by over 8% this year.