Al Attiyah Energy Foundation: LNG prices record notable increase

Global oil prices rose at the close of Friday trading amid growing concerns over stalled negotiations between the United States and Iran, increasing tensions surrounding navigation through the Strait of Hormuz, one of the world’s most critical energy routes, according to a report by the Al Attiyah Energy Foundation.

Brent crude settled at $103.64 per barrel, while June 2025 contracts reached $101.60 per barrel. Meanwhile, U.S. West Texas Intermediate crude closed at $96.45 per barrel.

The Strait of Hormuz is considered a vital artery for global oil trade, with nearly a quarter of the world’s seaborne oil shipments passing through it, making geopolitical tensions in the region highly influential on global markets.

Meanwhile, spot prices for liquefied natural gas in Asia recorded a notable increase last week, reaching their highest levels in seven weeks, driven by rising summer demand and ongoing concerns over supply disruptions and geopolitical tensions.

The average LNG price for June delivery to Northeast Asia reached approximately $18.80 per million British thermal units, compared to $17.80 the previous week, marking the highest level since early April.

In Europe, benchmark Dutch gas prices stabilized at $16.24 per million British thermal units despite posting a weekly decline of 6.7%.