Asian liquefied natural gas (LNG) prices climbed to their highest level since late March as renewed hostilities around the Strait of Hormuz disrupted supplies from the Gulf, prompting buyers to seek alternative cargoes.
The Japan-Korea Marker (JKM), the benchmark for spot LNG deliveries to Northeast Asia, rose 19.66 percent on Wednesday to $19.93 per million British thermal units.
The benchmark has gained 25.03 percent over the past month and is up 60.66 percent from a year ago.
Renewed fighting around the Strait of Hormuz has disrupted LNG shipments from the Gulf, which accounts for about one-fifth of global supply.
The disruption has particularly affected Qatari exports, which pass through the strategic waterway before reaching international markets.
Asian importers, including Pakistan and Bangladesh, have been seeking alternative cargoes to replace disrupted Qatari supplies, increasing competition in the spot market and driving prices higher.
The Strait of Hormuz is one of the world's most important shipping routes for oil and liquefied natural gas.
