Asian liquefied natural gas (LNG) prices climbed to their highest level since late March as renewed hostilities around the Strait of Hormuz disrupted supplies from the Persian Gulf and prompted buyers to seek replacement cargoes.
The Japan-Korea Marker, the benchmark for spot LNG deliveries to Northeast Asia, rose 19.66% on Wednesday to $19.93 per million British thermal units.
The benchmark has gained 25.03% over the past month and was 60.66% higher than a year earlier.
Fresh hostilities in and around the Strait of Hormuz have restricted LNG shipments from the Persian Gulf, which accounts for roughly 20% of global supply.
The disruption has particularly affected Qatari exports, which must pass through the strategic waterway to reach international markets.
Asian importers, including Pakistan and Bangladesh, are scrambling to replace lost Qatari shipments, increasing competition for available spot cargoes and placing further upward pressure on prices.
The Strait of Hormuz connects the Persian Gulf with the Gulf of Oman and the Arabian Sea and is a critical route for global oil and LNG trade.
