Asian LNG hits 4-month high as Hormuz traffic slows amid US-Iran clash

Asian spot LNG prices climbed to their highest level since late March as fighting between the United States and Iran disrupted shipping through the Strait of Hormuz. Traders put spot LNG at about $20.2 per million British thermal units on July 16, up about 10% over the past week. Shipping data showed nine vessels crossed the strait on July 15, down from 13 a day earlier, with no VLCCs or LNG tankers visibly passing through. Separate satellite analysis reviewed by Reuters found ship-to-ship oil transfers in the Gulf of Oman also slowed, with one tanker pair visible on July 18 versus three pairs on July 11. Asia is especially exposed because buyers depend heavily on Qatari cargoes moving through the waterway.