The ongoing Iran war has significantly disrupted global helium supply chains, with Qatar—a major supplier—seeing its exports massively restricted due to Iranian strikes [1]. Helium, a critical component in semiconductor manufacturing, is now in short supply, shifting the market from oversupplied to undersupplied. According to Deutsche Bank analysts, the shutdown of Qatar's helium production has removed roughly a third of global helium supply, leading to a surge in prices [1]. In 2025, Qatar provided over 30% of the global helium market, creating a substantial gap that must be filled [1].
Russia, the third largest helium supplier, stands to gain from this disruption. Prior to the Iran war, Russia had already increased helium production, leveraging its ample reserves and the need to fund the war in Ukraine. This resulted in non-sanctioned markets being flooded with helium and lower prices, according to Bernstein analysts [1]. However, Western sanctions and trade limitations restrict Russian helium access to Europe and the U.S., while China—responsible for 33% of mature-node chip production in 2023—has increasingly turned to Moscow for supply [1]. Russia-to-China helium exports rose 60% year-on-year in 2025, as reported by the Center on Global Energy Policy (CGEP) [1].
The disruption in Qatar's helium exports is particularly impactful for China, which received 54% of its helium from Qatar last year [1]. If Qatari disruptions persist, Russian helium could fill the gap in China, further tightening supply elsewhere. Ralf Gubler of S&P Global Energy noted that Russian helium is unlikely to become a preferred solution for Western chipmakers due to trade limitations, but it could "clear into markets like China, tightening supply elsewhere" [1].
Market watchers remain optimistic about chipmakers retaining access to helium, but a prolonged conflict will force buyers to scramble to maintain supply chains. North American helium producers, who hold the largest share of the market, are also set to benefit from the disruption to Qatar's supply [1].
CONCLUSION
The Iran war has triggered a major helium supply crunch, with Qatar's exports restricted and prices surging. Russia and North American producers are positioned to benefit, especially as China turns to Moscow for supply. The ongoing conflict is likely to keep the market undersupplied, forcing chipmakers and buyers to diversify sourcing and adapt to tighter supply conditions.