Asian spot LNG prices surged 10% to $20.2 per mmBtu, while US gas prices topped $4 due to shipping disruptions in the Strait of Hormuz. Oil prices rose sharply amid renewed Middle East conflict, complicating the economic outlook despite cooler-than-expected US inflation data. While soft CPI and PPI data eased immediate Federal Reserve rate-hike fears and lowered bond yields, markets remain wary of rising energy costs.
Odds of a full reopening of the Strait of Hormuz by July 2027 fell to 47% on prediction markets as long-term disruption risks rise.
Read the full storyUS gasoline prices climbed above $4 per gallon as conflict with Iran disrupts critical shipping lanes, increasing domestic political pressure.
Cooling US inflation data eases rate hike fears, but escalating Middle East tensions and shipping disruptions push oil prices higher.
Asian spot LNG prices hit $20.2 per mmBtu as geopolitical risks and potential shipping disruptions in the Strait of Hormuz reignite global supply fears.