Iranian drone and missile strikes hit QatarEnergy's Ras Laffan Industrial City on February 28, knocking offline one of the world's two plants capable of producing semiconductor-grade helium — and removing roughly 30% of global supply from the market in a matter of days.

QatarEnergy halted all production at the site two days later, declaring force majeure on March 2, while the Strait of Hormuz has been effectively closed to Western commercial shipping since the conflict in Iran began. Helium prices have surged 40% to 100%, and the semiconductor industry is counting down the weeks until existing stockpiles run dry.