Asian LNG Buyers Fail To Secure Spot Cargoes After Qatar Export Halt

Last Updated:March 10, 2026, 23:39 IST

Asian countries like Thailand, Bangladesh and Vietnam struggle to secure LNG amid the US-Israel war with Iran. Japan's G7 plans joint oil stockpile release.

As the US-Israel war with Iran continues, some Asian countries are reportedly struggling to find immediate cargoes of LNG especially at usual prices.

According to a report by Bloomberg, countries including Thailand, Bangladesh, India and Vietnam are dipping into the spot market to safeguard near-term energy security as uncertainty persists over the duration of the US-Israeli war against Iran.

However, some tenders for this month — like from India’s Gail and GSPC — failed as no sellers offered cargoes at acceptable prices, indicating a shortage of immediately available fuel. Thailand’s PTT was seeking a late March-early April cargo but only bought for next month.

Also Read: US Navy Escorts Tanker Through Hormuz; Oil Prices Plunge 15%

Recently, some of the cargoes were awarded at high prices. Bangladesh this month received two emergency shipments, one at about $28 per million British thermal units — about 2.5 times higher than the January rate — and the other at close to $23/mmbtu, Bloomberg quoted a Petrobangla official, who added the move was to avert a domestic energy crisis.

This comes as Europe has a limited amount of gas. The Middle East conflict, which began on February 28 with US and Israeli strikes on Iran, has disrupted regional energy oil flows.

As the war in the Middle East continues, the global LNG prices have soared. While the European gas prices increased to 30% on Monday following a spike in crude oil, the LNG prices in Asia have reportedly doubled and trader expect the prices to remain high till the war.

Also Read: Amid Iran War, Japan Says ‘G7 To Carry Out Joint Oil Stockpile Release’

According to Bloomberg, European natural gas dropped after US President Donald Trump predicted the Iran war will end soon, as he faces mounting pressure over how the conflict has upended energy markets.

Japan on Tuesday said the G7 energy ministers are prepared to carry out joint oil stockpile release in the wake of the US-Israel war on Iran.

The energy ministers had held a virtual meeting on Tuesday morning to discuss a possible release of oil reserves to address the supply disruption triggered by the Iran war.

Also See: How Crude Oil Prices Will Impact The Indian Economy?

The Japan News quoted Finance Minister Satsuki Katayama saying at a press conference that maritime transport through the Strait of Hormuz is critically important for stable energy supplies to Asian countries.

Meanwhile, the oil prices took a tumble by 15 percent on Tuesday after the United States announced that its navy safely escorted a tanker through the Strait of Hormuz, a vital energy artery effectively under the control of Iran’s Revolutionary Guards.

According to US Energy Secretary Chris Wright, this is the first such operation since the US-Israel-Iran war began on February 28. But the escort brought relief to global markets as oil prices, which were already down on Tuesday, plunged past 15 percent.

“The US Navy successfully escorted an oil tanker through the Strait of Hormuz to ensure oil remains flowing to global markets," Wright posted on social media.

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