Asia's LNG prices surge amid US and Iran tensions
Business
Asia's liquefied natural gas (LNG) prices just reached their highest point since December 2022, mostly because of rising tensions between the US and Iran.
With the Middle East conflict threatening a key shipping route (the Strait of Hormuz), LNG spot prices jumped over 5% this week alone.
Spot LNG at $25.908 per MMBtu
Spot LNG now costs more than double what it did before recent conflicts, hitting $25.908 per million Btu late Wednesday.
This surge is making things tough for countries like China (where imports are slowing) and Pakistan, which had to cancel an emergency tender and is facing deeper electricity troubles.
The jump in energy costs is straining budgets and utility bills across Asia, showing just how much global tensions can impact everyday life.