The conflict in Iran has escalated from a general oil price concern into a direct supply chain crisis for the global semiconductor industry.
The situation began with escalating military actions, culminating in Iran's effective blockade of the Strait of Hormuz. This critical maritime chokepoint was rendered impassable by attacks on shipping and the threat of naval mines. As a result, commercial vessels halted transits, and marine insurers canceled war-risk policies, grinding regional logistics to a halt.
This immediately created a dual crisis for materials and energy. First, it cut off the supply of helium from Qatar, which produces roughly one-third of the world's supply. Helium is indispensable for advanced semiconductor manufacturing, particularly in cooling equipment for EUV lithography and creating inert atmospheres in fabrication processes. Second, since helium is extracted as a byproduct of Liquefied Natural Gas (LNG) processing, the shutdown of Qatar's LNG facilities at Ras Laffan meant an instant stop to helium production. This also caused Asian LNG spot prices to spike over 50%, directly raising the energy costs for power-intensive chip fabs.
South Korea's semiconductor sector is particularly vulnerable. In 2025, a staggering 64.7% of its helium imports came from Qatar. The disruption thus presents a two-pronged threat: a shortage of a critical manufacturing gas and a surge in operational costs due to higher energy prices. This risk to the 'certainty of inputs' quickly overshadowed the otherwise strong demand from the AI memory upcycle.
This new reality was reflected in the financial markets, where stocks of Samsung Electronics and SK hynix saw sharp declines of over 20% before partially recovering. Fortunately, Korean chipmakers are reported to hold about six months of helium inventory. This buffer mitigates the risk of immediate production shutdowns but shifts the problem to a medium-term challenge of managing inventory drawdowns, facing supplier surcharges, and securing alternative sources before stockpiles run out. The key variable now is how long the strait remains closed.
- Strait of Hormuz: A narrow waterway between the Persian Gulf and the open ocean, through which a significant portion of the world's LNG and oil passes.
- Helium (in chipmaking): A critical industrial gas used for cooling magnets in advanced chipmaking tools like EUV scanners and for creating a pure, inert environment during manufacturing steps.
- LNG (Liquefied Natural Gas): Natural gas that has been cooled down to liquid form for ease and safety of non-pressurized storage or transport.