Thank goodness for American ingenuity. Fracking technology has provided the United States with energy independence in both oil and natural gas production. The U.S. and the global economy are no longer hostages to the politics of the Middle East. Energy markets are overreacting to events in Iran.

Like oil, liquefied natural gas markets are panicking over the conflict against Iran by the U.S. and Israel. LNG prices are up by some 75% amid fears that the conflict will disrupt production in Qatar. For now, Qatar has halted its LNG production. Qatar supplies about 20% of the global LNG market.

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But the global LNG market is not fragile. It is deep, diversified, and flexible. To understand why LNG markets are overreacting, consider that Qatar has every incentive to maintain its reputation as a reliable supplier. LNG infrastructure is capital-intensive and dependent on long-term contracts. A voluntary or prolonged disruption would damage Qatar’s credibility and........

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