Asian spot LNG prices hit the highest level since December 2022

Hostile actions between the United States and Iran have escalated, raising market concerns about the possibility of prolonged disruptions to energy transport through the Strait of Hormuz, driving Asian liquefied natural gas (LNG) prices to their highest level in more than three years. According to traders, spot LNG prices rose to $25.908 per million British thermal units on Wednesday night, the highest level since December 2022. Prices have more than doubled from pre-conflict levels, and high energy costs are putting pressure on demand and fiscal budgets in some Asian countries. After several weeks of relative calm in the Middle East, LNG prices have risen more than 5% this week following the outbreak of renewed hostilities.