U.S. Sanctions Turkmenistan’s Trans-Iran Gas Trade. Could Azerbaijan Be Next?
Published . Updated .
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Perhaps so, If Companies Pursue Swaps with Iranian Gas Without Authorization, or Utilize Russian Imports
Directly affected
- No company is named in this report.
Indirectly affected
- UNG United States Natural Gas Fund-13.5% 30d
United States Natural Gas Fund: it follows natural-gas prices. Linked by “gas” (natural gas) in this story.
- XLE Energy Select Sector SPDR+6.9% 30d
Energy Select Sector SPDR: it follows natural-gas prices. Linked by “gas” (natural gas) in this story.
- USO United States Oil Fund-1.1% 30d
United States Oil Fund: its price follows crude oil. Linked by “iran” (oil) in this story.
- BWET Breakwave Tanker Shipping ETF-3.3% 17d
Breakwave Tanker Shipping ETF: it tracks tanker freight rates. Linked by “iran” (tanker shipping) in this story.
- XOM ExxonMobil Holdings-2.7% 17d
ExxonMobil Holdings (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “iran” (oil) in this story.
- CVX Chevron+3.3% 30d
Chevron (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “iran” (oil) in this story.
- LNG Cheniere Energy+9.1% 30d
Cheniere Energy (natural gas distribution): gas producers and exporters earn more when gas prices rise. Linked by “gas” (natural gas) in this story.
- WMB The Williams Companies
The Williams Companies (natural gas transmission): gas producers and exporters earn more when gas prices rise. Linked by “gas” (natural gas) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| UNG | -10.81% | -10.24% | base | +1.15% | after close | after close | after close |
| XLE | +2.11% | -0.95% | base | +1.57% | after close | after close | after close |
| USO | +2.78% | +4.95% | base | +2.37% | after close | after close | after close |
| BWET | +35.67% | +29.19% | base | +4.90% | after close | after close | after close |
| XOM | +3.07% | +0.89% | base | +1.25% | after close | after close | after close |
| CVX | +2.73% | +0.67% | base | +0.78% | after close | after close | after close |
| LNG | -0.51% | -5.27% | base | +2.39% | after close | after close | after close |
| WMB | +0.59% | -5.03% | base | +1.78% | after close | after close | after close |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
U.S. Sanctions Turkmenistan’s Trans-Iran Gas Trade. Could Azerbaijan Be Next? Middle East Forum
Source: Middle East Forum
The price since 11 Nov 2026: United States Natural Gas Fund (UNG) versus the S&P 500
| Company | When | Move | Status |
|---|---|---|---|
| Amplify Commodity Trust (BWET) | that day | +4.90% | still updating |
| Amplify Commodity Trust (BWET) | three days earlier | +29.19% | final price |
| Amplify Commodity Trust (BWET) | five days earlier | +35.67% | final price |
| Chevron (CVX) | that day | +0.78% | still updating |
| Chevron (CVX) | three days earlier | +0.67% | final price |
| Chevron (CVX) | five days earlier | +2.73% | final price |
| Cheniere Energy (LNG) | that day | +2.39% | still updating |
| Cheniere Energy (LNG) | three days earlier | -5.27% | final price |
| Cheniere Energy (LNG) | five days earlier | -0.51% | final price |
| United States Natural Gas Fund (UNG) | that day | +1.15% | still updating |
| United States Natural Gas Fund (UNG) | three days earlier | -10.24% | final price |
| United States Natural Gas Fund (UNG) | five days earlier | -10.81% | final price |
| United States Oil Fund (USO) | that day | +2.37% | still updating |
| United States Oil Fund (USO) | three days earlier | +4.95% | final price |
| United States Oil Fund (USO) | five days earlier | +2.78% | final price |
| WMB | that day | +1.78% | still updating |
| WMB | three days earlier | -5.03% | final price |
| WMB | five days earlier | +0.59% | final price |
| Select Sector Spdr Tr (XLE) | that day | +1.57% | still updating |
| Select Sector Spdr Tr (XLE) | three days earlier | -0.95% | final price |
| Select Sector Spdr Tr (XLE) | five days earlier | +2.11% | final price |
| ExxonMobil Holdings (XOM) | that day | +1.25% | still updating |
| ExxonMobil Holdings (XOM) | three days earlier | +0.89% | final price |
| ExxonMobil Holdings (XOM) | five days earlier | +3.07% | final price |
Trades by members of Congress and officials in the stocks in this story
- Rep. Pete Sessions sold ExxonMobil Holdings (XOM), worth $1,001 - $15,000 on 14 Oct 2026. That is 28 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Kevin Hern sold ExxonMobil Holdings (XOM) (jointly held), worth $100,001 - $250,000 on 31 Aug 2026. That is 72 days before publication. Filed 25 Sep 2026. View the filing.
- Rep. Pete Sessions sold Chevron (CVX), worth $15,001 - $50,000 on 14 Oct 2026. That is 28 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Kevin Hern sold Chevron (CVX) (jointly held), worth $15,001 - $50,000 on 23 Sep 2026. That is 49 days before publication. Filed 13 Oct 2026. View the filing.
- Rep. Maria Elvira Salazar bought Chevron (CVX), worth $1,001 - $15,000 on 2 Sep 2026. That is 70 days before publication. Filed 7 Oct 2026. View the filing.
- Sen. Alan Armstrong sold Williams Companies (WMB) (jointly held), worth $250,001 - $500,000 on 8 Sep 2026. That is 64 days before publication. Filed 22 Oct 2026. View the filing.
- Sen. Alan Armstrong bought Williams Companies (WMB) (jointly held), worth $15,001 - $50,000 on 20 Aug 2026. That is 83 days before publication. Filed 17 Sep 2026. View the filing.
- Sen. Alan Armstrong bought Williams Companies (WMB) (jointly held), worth $1,001 - $15,000 on 19 Aug 2026. That is 84 days before publication. Filed 17 Sep 2026. View the filing.
- Rep. Michael T. McCaul sold Eqt (EQT) (held by a spouse), worth $1,001 - $15,000 on 27 Aug 2026. That is 76 days before publication. Filed 14 Oct 2026. View the filing.
- Donald J Trump, an executive branch official, bought Eqt (EQT), worth $1,001 - $15,000 on 17 Aug 2026. That is 86 days before publication. Filed 8 Oct 2026. View the filing.
- Rep. Michael T. McCaul sold Eqt (EQT) (held by a spouse), worth $1,001 - $15,000 on 14 Aug 2026. That is 89 days before publication. Filed 14 Oct 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
Who gains and who loses around United States Natural Gas Fund (UNG)
Likely winners
- XOM ExxonMobil Holdings
ExxonMobil Holdings (XOM) tends to benefit, medium confidence in the 11 Nov 2026 story “U.S. Sanctions Turkmenistan’s Trans-Iran Gas Trade. Could Azerbaijan Be Next?.” Reason on file: ExxonMobil Holdings (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “iran” (oil) in this story
- CVX Chevron
Chevron (CVX) tends to benefit, medium confidence in the 11 Nov 2026 story “U.S. Sanctions Turkmenistan’s Trans-Iran Gas Trade. Could Azerbaijan Be Next?.” Reason on file: Chevron (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “iran” (oil) in this story
No up or down call on file
- UNG United States Natural Gas Fund
For “U.S. Sanctions Turkmenistan’s Trans-Iran Gas Trade. Could Azerbaijan Be Next?,” United States Natural Gas Fund (UNG) is linked, with no stored direction, medium confidence. Reason on file: United States Natural Gas Fund: it follows natural-gas prices. Linked by “gas” (natural gas) in this story
- XLE Select Sector Spdr Tr
Select Sector Spdr Tr (XLE) is linked, with no stored direction, medium confidence in the 11 Nov 2026 story “U.S. Sanctions Turkmenistan’s Trans-Iran Gas Trade. Could Azerbaijan Be Next?.” Reason on file: Energy Select Sector SPDR: it follows natural-gas prices. Linked by “gas” (natural gas) in this story
- USO United States Oil Fund
For “U.S. Sanctions Turkmenistan’s Trans-Iran Gas Trade. Could Azerbaijan Be Next?,” United States Oil Fund (USO) is linked, with no stored direction, medium confidence. Reason on file: United States Oil Fund: its price follows crude oil. Linked by “iran” (oil) in this story
- BWET Amplify Commodity Trust
Amplify Commodity Trust (BWET) is linked, with no stored direction, medium confidence in the 11 Nov 2026 story “U.S. Sanctions Turkmenistan’s Trans-Iran Gas Trade. Could Azerbaijan Be Next?.” Reason on file: Breakwave Tanker Shipping ETF: it tracks tanker freight rates. Linked by “iran” (tanker shipping) in this story
United States Natural Gas Fund (UNG)
“U.S. Sanctions Turkmenistan’s Trans-Iran Gas Trade. Could Azerbaijan Be Next?” (11 Nov 2026) reaches United States Natural Gas Fund (UNG) through this story.
What ties United States Natural Gas Fund (UNG) to the headline is this: United States Natural Gas Fund: it follows natural-gas prices. Linked by “gas” (natural gas) in this story
Select Sector Spdr Tr (XLE) is here too. Its reason reads: Energy Select Sector SPDR: it follows natural-gas prices. Linked by “gas” (natural gas) in this story
Dates in the story, and the United States Natural Gas Fund (UNG) price range
UNG traded between 8.95 and 11.43 across 20 sessions. The latest close on file is 9.34. USO traded between 143.02 and 171.80 across 20 sessions. The latest close on file is 148.41. XLE traded between 63.05 and 70.15 across 20 sessions. The latest close on file is 66.70.
What the saved facts support for United States Natural Gas Fund (UNG)
46 out of 100Price not final
“U.S. Sanctions Turkmenistan’s Trans-Iran Gas Trade. Could Azerbaijan Be Next?” scores 46 out of 100. The score uses 1 sources, and 8 linked companies. The price is not final yet.