Global LNG prices surge as Iran war strains supply
Asian LNG benchmark prices briefly exceeded $33 per mmBtu, up from just over $9 in January, as QatarEnergy extended force majeure and Europe and Asia competed for limited cargoes amid Iran-war disruptions.
pre-market1 source ↓machine-written, see hownot a recommendation
- in November
- $31 per mmBtu
Asian LNG prices have tripled since the start of 2026 as the Iran war disrupts global gas flows and buyers in Asia and Europe compete for limited cargoes. The Japan-Korea Marker, the region’s benchmark, topped $31 per mmBtu in November and briefly crossed $33, compared with slightly more than $9 in January. 🔥
The supply squeeze deepened after QatarEnergy extended force majeure on its LNG exports. Qatar is one of the world’s three largest LNG exporters, and the disruption has removed a major source of seaborne gas while replacement cargoes remain difficult to secure. The United States is exporting record LNG volumes, but strong European demand is absorbing much of the additional supply.
The development follows the earlier bulletin on higher US gasoline prices after the Iran conflict disrupted crude shipments, refining operations and fuel exports. The latest report widens the impact from oil and petrol to the global gas market, where the loss of Qatari supply is pushing up spot prices and intensifying competition between European and Asian buyers. Energy markets ⚡ are therefore facing pressure across both crude-linked products and LNG.
Europe has fewer alternatives to Qatari LNG, while Asian buyers can switch some demand toward coal. That difference is shaping the regional price response, but it does not remove the immediate competition for available cargoes. Higher gas prices can raise costs for power generators, industrial users and gas-importing utilities, while supporting revenue sentiment for producers and exporters with available supply.
Traders will watch the duration of QatarEnergy’s force majeure, US export volumes, European storage and demand, and the next Japan-Korea Marker readings. Any improvement in Gulf shipping or restoration of Qatari exports would directly test whether the current premium reflects a temporary disruption or a more persistent shortage. The source also pointed to strong AI-related energy demand as an additional pressure on gas supply.
Source: OilPrice.com, 04 Nov 2026
Not investment advice. For informational purposes only.