Greece dominates the LNG carrier market in Europe and is one of the world's largest players in this sector.

Asian LNG prices have risen to their highest levels since late March, as renewed tensions in the Middle East have heightened fears of a prolonged disruption to shipping through the vital Strait of Hormuz.

Spot LNG prices reached around $20.2 per million British thermal units, according to traders, after rising about 10% over the past week. The conflict has escalated in recent days as the dispute between the United States and Iran over control of the Strait of Hormuz intensifies. The strait is a vital waterway through which about a fifth of global LNG supplies pass.

The United States launched further strikes on Iran to pressure Tehran to stop attacking ships and reopen the Strait of Hormuz. Iran's Revolutionary Guards announced on Wednesday that the strait would remain closed until the United States halts its strikes and blockade of Iranian ports.

The renewed tensions have driven Asian buyers to seek additional cargoes. Pakistan purchased its most expensive spot LNG cargo in four years at a price of around $20.70 per million British thermal units, according to traders, after a scheduled cargo from Qatar was canceled due to the Strait of Hormuz disruptions. Other countries, including India, Thailand, and Bangladesh, have recently issued tenders for gas supply.

Ship traffic has slowed to a near standstill since the United States resumed its naval blockade of Iran following a wave of attacks on commercial vessels, although a few ships have managed to pass. A prolonged supply disruption would lead to shortages, particularly in Asia, where buyers rely heavily on Qatari cargoes. Spot LNG is currently trading at nearly double its pre-war level.

Ivan Tan, LNG analyst at ICIS, said: 'For Asian buyers, this delays the return of Qatari cargoes they had hoped for.' He added: 'Assuming that geopolitical tensions continue over the next two months, the lack of storage capacity in Europe and high Asian demand will push both regions to raise spot LNG prices for the remainder of the year.'

In a related development, Greece, which objected to provisions of the sanctions package imposed on Russia this week, warned the European Union that banning the transshipment of Russian gas to third countries could lead to a loss of its market share to non-EU competitors, according to two Greek government officials on Friday.

EU envoys failed on Wednesday to reach an agreement on the 21st sanctions package against Russia over its war on Ukraine, as a group of countries, including Greece and Austria, objected to the package for different reasons, according to two sources.

Lithuanian Foreign Minister Kęstutis Budrys said on Monday that EU countries have not yet decided on tightening restrictions on Russian LNG. Greece dominates the LNG carrier market in Europe and is one of the world's largest players in this sector, competing with Japan, China, and the United States.

One government official said: 'From Athens' perspective, any new package of restrictive measures must be very carefully formulated to maximize pressure on Moscow while minimizing unintended consequences for European businesses and consumers, and for competitiveness.'

The official added: 'Europe should not cede entire sectors of economic activity or market share to non-EU actors as an unintended consequence of its sanctions policy. Sanctions should weaken Russia's economic capacity, not deliver strategic gains to others at Europe's expense.'

EU envoys postponed talks on the 21st package of sanctions against Russia until July 23, keeping the Russian oil price cap unchanged at the current level of $44.10 per barrel until then.

Separately, LNG is expected to become the second-largest net export sector in the United States within five years, adding nearly $1.4 trillion to its GDP through 2040, according to a study by S&P Global Commodity Insights.

In 2025, the United States became the first country to export more than 100 million metric tons of LNG in a single year, thanks to new plants that boosted production. The S&P Global study forecast that total investments in the U.S. LNG supply chain will exceed $1 trillion through 2040, with a significant increase in financing after the lifting of the temporary export pause imposed last year.

The report estimated that LNG exports would generate $2.9 trillion in revenue, $206 billion in taxes, and nearly $630 billion in labor income, and it projected a 1.6% increase in average household gas costs between 2026 and 2031.