Asia’s LNG imports slumped in March to the lowest level in seven years for the month as the closed Strait of Hormuz trapped the supply and Qatar declared force majeure following Iranian missile strikes on its LNG infrastructure.
Oil prices rose Sunday after an Iranian official warned that the Strait of Hormuz will “under no circumstances” return to its previous state.
Treasury Secretary Scott Bessent reaffirmed that the US would not renew general licenses that allowed for the temporary sale of certain Russian and Iranian crude.
Oil prices surged by more than 7% back above $100 a barrel on Monday after US President Donald Trump ordered the blockading of Iranian ports following the failure of peace talks between Washington and Tehran.
Oil prices settled down around 4% on Thursday, ending a five-day streak of gains after U.S. President Donald Trump said the crackdown on protesters in Iran was easing, allaying concerns over potential military action against Iran and oil supply disruptions.