The next phase of Middle East conflict risk is more measurable than before: macro scenarios, LNG outages and the repair bill. This third edition of our special report brings together reflections from our Chief Economist, an analysis of the Qatar LNG outage and an estimate of the cost to repair energy infrastructure damaged in the conflict. Claudio Galimberti steps back from the headlines to frame the macro picture, we assess how the outage could reshape LNG flows and pricing over the long term, and we quantify what it may take to restore Gulf energy assets.