Global Gas Prices Jump as Qatar Extends LNG Force Majeure into November

Key Facts

1Spot LNG prices in Asia jumped to $23.388 per MMBtu following reports that Qatar extended force majeure on deliveries into November.

2Qatari LNG term deliveries remain absent due to the ongoing blockage of the Strait of Hormuz since the start of the Iran war.

Amid escalating geopolitical tensions in the Middle East, global energy markets are facing intensified supply-side pressure as winter approaches. Spot LNG prices in Asia jumped to $23.388 per MMBtu following reports that Qatar has extended its force majeure on LNG deliveries into November. According to reports, Qatari LNG term deliveries remain absent due to the ongoing blockage of the Strait of Hormuz since the start of the Iran war, signaling a significant disruption to one of the world's most critical energy corridors.

This price surge reflects growing anxiety across major trading hubs, as the continued absence of Qatari cargoes tightens the available pool of supply for utilities in both Asia and Europe. Per market data, the extension of force majeure suggests prolonged duration risk, particularly as LNG logistics lack the flexibility of crude oil shipments. The market is currently grappling with a shrinking supply of Middle Eastern cargoes, which other global producers have been unable to fully offset.

As of August 28, 2026, specific instrument price levels are unavailable in the current data snapshot, requiring a focus on qualitative price direction in spot markets. On the economic front, recent data from August 25, 2026, showed Germany's GDP grew by 0.3% QoQ, which may influence industrial energy demand expectations in Europe. Traders should closely monitor any developments regarding the Strait of Hormuz as the primary catalyst for price volatility in the coming weeks.