In Asia, spot LNG prices surged to $23.388 per million British thermal units. The market remains volatile as utilities aggressively outbid European competitors for the dwindling pool of available Middle Eastern cargoes. While oil producers have utilized ship-to-ship transfers to circumvent the Hormuz standstill, the technical requirements for LNG transport offer no such workarounds, trapping Qatari output indefinitely.

European benchmark prices at the Dutch Title Transfer Facility climbed above 69 euros per megawatt-hour, reaching their highest point since 2023. Storage facilities across the continent are currently only 63% full, trailing significantly behind the 80% five-year average. This supply deficit, compounded by extreme summer heatwaves that spiked electricity demand, has created a precarious outlook for European energy security as the heating season begins.