Asian liquefied natural gas (LNG) prices surged to their highest level in nearly four years, driven by escalating tensions in the Middle East. The spike came as attacks on tankers disrupted exports from the region, dampening hopes for a swift recovery in supply. Spot prices climbed to $30.4 per million British thermal units on Monday, a level not seen since December 2022, according to traders.
The UK Maritime Trade Operations reported over the weekend that an LNG carrier was fired upon near Yemen on Saturday. This incident is part of a broader increase in strikes targeting oil and gas vessels in the Red Sea and Strait of Hormuz, critical maritime routes for energy shipments.
The disruptions have raised concerns about the stability of global LNG supplies, particularly as the region remains a key source of exports. The attacks have also underscored the vulnerability of energy infrastructure to geopolitical conflicts, further complicating efforts to stabilize markets.