Asian liquefied natural gas (LNG) prices surged to their highest level since December 2022, reaching $30.4 per million British thermal units on Monday. The spike came as attacks on tankers in the Middle East disrupted hopes for a rebound in exports from the conflict-ridden region.
The UK Maritime Trade Operations reported over the weekend that an LNG carrier was targeted near Yemen on Saturday. This incident is part of a recent uptick in strikes on oil and gas vessels in the Red Sea and Strait of Hormuz, further tightening supply.
Traders noted that the price jump reflects growing concerns over the security of LNG shipments through key maritime routes. The disruptions have dampened expectations for a swift recovery in exports from the Middle East, a major supplier to Asian markets.