MUSCAT : Spot prices for liquefied natural gas shipments scheduled for delivery to Northeast Asia in September rose to an average of $22 per million British thermal units, up from $20.10 the previous week, according to Bloomberg data.

Energy Aspects analyst Keshir Sumit said Asian LNG prices continued to rise as retaliatory attacks between the United States and Iran persisted. Shipping activity through the Strait of Hormuz has reportedly fallen to extremely low levels, with several shipping companies suspending transit amid the absence of signs of an imminent de-escalation.

The conflict has significantly reduced tanker traffic and energy shipments through the strategic waterway, which handles around one-fifth of global LNG trade.

Energy market analytics firm Kpler has revised its outlook for the Strait of Hormuz from a de-escalation scenario to a prolonged crisis. It now expects Qatar’s LNG exports to fall below 27 million metric tons in 2026, compared with approximately 80 million tons in 2025.

Laura Page, Kpler’s Director of Insights for Natural Gas and LNG, said a prolonged crisis would keep prices elevated for an extended period. The Japan-Korea Marker, Asia’s benchmark LNG price, is forecast to average around $19.50 per MMBtu during the second half of 2026, compared with an earlier estimate of $14.60 under a de-escalation scenario.

European LNG prices also remained elevated as countries struggled to rebuild gas inventories ahead of winter. The slow pace of stock replenishment is expected to increase competition between European and Asian buyers for available spot cargoes.

Meanwhile, LNG shipping rates in the Atlantic Basin declined to around $94,000 per day, while Pacific rates remained stable at approximately $73,750 per day.

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