Asia LNG hits $20.2 per MMBtu amid U.S.-Iran tensions
Business
Asian LNG prices just hit their highest point since late March, climbing nearly 10% in a week to $20.2 per MMBtu.
The cause? Ongoing U.S.-Iran tensions are disrupting shipping through the Strait of Hormuz, a key route for global energy supplies, and that's making buyers nervous about future shortages.
Qatari flows delayed, Asian prices double
With most of Asia relying on Qatari LNG, the near-halt in ship traffic has everyone on edge.
Analyst Evan Tan summed it up: "For Asian buyers, this further delays the hopeful return of Qatari volumes."
Spot prices have now doubled compared to before the crisis, and if things don't cool down soon, competition with Europe could get even tougher.