Al-Attiyah Foundation: Asian LNG Prices Reach 45-Month High

Al-Attiyah Foundation’s report said oil prices declined at the close of trading on Friday after China urged Iran to curb Houthi attacks on Saudi Arabia’s oil infrastructure, amid growing concerns over the impact of the attacks on one of the Middle East’s key oil export routes.

At settlement, Brent crude futures stood at $103.87 per barrel, while U.S. West Texas Intermediate (WTI) crude closed at $100.30 per barrel. On a weekly basis, Brent fell 0.7%, while U.S. crude gained 0.2%.

Oil prices had risen steadily in recent weeks amid renewed attacks between the United States and Iran and an escalation in military operations by the Houthis, who are aligned with Tehran. These developments, combined with challenges facing global refining capacity, have contributed to higher prices for major fuel products, particularly diesel, across key markets.

Despite reports of Chinese efforts to contain the escalation, the outlook for the oil market remains uncertain. Meanwhile, shipping activity through the Strait of Hormuz remains severely disrupted, with only four cargo vessels passing through the strait on Thursday.

In the liquefied natural gas (LNG) market, spot prices in Asia reached their highest level in 45 months this week, driven by continued supply disruptions linked to the conflict in the Middle East and strong demand in South Asia ahead of the winter season.

The stronger demand has intensified competition between Asian and European buyers for available LNG cargoes. The average price for LNG cargoes scheduled for delivery to Northeast Asia in October reached $27 per million British thermal units (MMBtu), up from $26/MMBtu the previous week.