Spot LNG prices in Asia reached $30.40 on Monday, the highest level since December 2022.

Since the outbreak of the war between the United States and Israel and the Islamic Republic, LNG prices have nearly tripled.

The war has largely immobilized Qatar’s LNG production in the Strait of Hormuz. Qatar’s production previously accounted for nearly 20% of global supply.

On Saturday, an LNG tanker was targeted by gunfire near Yemen. Attacks on oil and gas vessels in the Red Sea and the Strait of Hormuz have intensified.

Asian and European buyers are competing for limited supply. European gas storage is 75% full, compared with a seasonal five-year average of 89%.

South Korea plans to rely more on coal and nuclear energy to secure winter electricity.