Middle East LNG Supply Still Stuck in Crisis

The Middle East's LNG supply has not fully recovered seven and a half months after the Iran war disrupted shipments through the Strait of Hormuz. While some LNG cargoes have managed to pass through the chokepoint, their impact on the global market has been minimal. Asia's spot LNG prices and Europe's gas benchmarks have hit 2023 highs, with price-sensitive buyers in Asia feeling the strain and European concerns rising ahead of winter.