11:55 - 10.03.2026

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March 10, Fineko/abc.az. Asian and European buyers have stepped up competition for liquefied natural gas (LNG) supplies due to the threat to shipping in the Strait of Hormuz amid the conflict in the Middle East, through which about a fifth of global supplies pass, ABC.AZ reported, referring to the Financial Times.

Amid the risks of supply disruptions, gas prices in Europe rose more than by 30% on Monday up to €69.5 per MWh (over $750 per 1,000 cu m). According to the newspaper, some gas carriers heading to Europe have changed course and headed for Asia, where demand is also growing.

Oil and gas supply coordination meetings will be held in Brussels this week, where EU countries will discuss the impact of the conflict in the Middle East on energy supplies and possible response measures.