Iran conflict drives LNG prices to 2022 highs

Gasoline prices in Asia have risen to their highest level since December 2022, reaching $30.4 per million British thermal units. This increase follows an incident where a vessel was shot at near Yemen amid escalating attacks on ships in the Red Sea and the Strait of Hormuz. The attack has added further pressure on supplies managed by Iran and Qatar in the region, leading some countries to rely more on the spot market and fossil fuels due to a shortage of contracted shipments. Additionally, demand is increasing as winter approaches in the Northern Hemisphere.

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