Oil and gas markets — already in turmoil over the Strait of Hormuz closure — will likely face further and lasting disruptions in the months ahead, analysts warned.

Iranian attacks on liquefied natural gas facilities in Qatar will result in constrained LNG markets through all of next year, the International Energy Agency said. A Barclays economist, in a note to clients, meanwhile argued that traders were underestimating the risk of further unrest, with oil and energy-related equities likely underpriced.

Even the US, which has seen itself as relatively insulated, should brace for gasoline price rises as its summer driving season begins, JPMorgan’s head of commodities strategy wrote, an increase that could have political implications ahead of midterm elections in the autumn.