The conflict between the United States and Iran has caused a 20% reduction in global liquefied natural gas (LNG) supply, primarily affecting developing Asian markets. Tensions in the Middle East and disruptions to key supply routes, particularly the Strait of Hormuz, have driven Asian LNG prices to their highest level in over three years. The JKM benchmark for Northeast Asia deliveries reflects this sharp increase. This situation has also influenced crude oil price forecasts, increasing the likelihood of reaching new all-time highs by year-end.
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