The record
Written from the 1 report below. Nothing here is unsourced.
- The US-Iran war has led to the near-total closure of the Hormuz Strait, a sea route vital for about 20% of the world's oil and LNG needs.
- This disruption has pushed LNG prices sharply higher, forcing Pakistan and Bangladesh, both heavily dependent on imported energy, to buy cargoes at the most expensive rates in years.
- According to a Bloomberg report, Pakistan LNG Ltd bought LNG this week at about $21.88 per million British thermal units for late July delivery, the highest price since 2022.
- Bangladesh's state companies have also secured at least one cargo for August at similarly high prices, straining both governments' treasuries.
What to watch next
- Whether Pakistan and Bangladesh secure further LNG cargoes at rising prices for coming months
- Any move by Qatar, the region's biggest LNG supplier, to resume suspended exports or spot deals
- How long the Hormuz Strait remains closed and its effect on global energy prices
Coverage1
1 report
Indian-language1
All filed from India
Named United States · Iran · Pakistan · Bangladesh · Qatar · Hormuz Strait · Bloomberg · Pakistan LNG Ltd
The 1 report is listed beside the record.
Ask this story
Answers cite the reports above, or say they can't.