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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
1 289.00
0.00
1 215.00
+15.00
Aug 25
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	1 289.00	0.00	1 215.00	+15.00	Aug 25

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
618.64	+8.40	768.24	+8.39	1 332.98	+5.21	Aug 28

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MABUX Market Differential Index (MDI)

Correlation between market bunker prices (MBP) and MABUX Digital Bunker Price Benchmark (DBP)

All Indexes in $/mton	380HSFO			VLS FO			MGO LS			Date
All Indexes in $/mton	MBP Index	DBP Index	MDI	MBP Index	DBP Index	MDI	MBP Index	DBP Index	MDI	Date
Rotterdam	537	631	-94	660	707	-47	1 215	1 374	-159	Aug 28
Singapore	628	655	-27	775	800	-25	1 125	1 367	-242	Aug 28
Fujairah	615	605	+10	790	742	+48	1 379	1 430	-51	Aug 28
Houston	470	622	-152	673	722	-49	1 220	1 358	-138	Aug 28

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Latest News
- 2026-08-31
  Oil jumps more than 2% after US attack on Iran’s Larak island
  Oil prices were trading more than 2% higher on Monday after the U.S. attacked an Iranian island in the Strait of Hormuz and drew retaliation from Tehran, as conflict in the Middle East extended into its sixth month. Brent crude futures climbed $2.51,... Read more Oil prices were trading more than 2% higher on Monday after the U.S. attacked an Iranian island in the Strait of Hormuz and drew retaliation from Tehran, as conflict in the Middle East extended into its sixth month.
  
  Brent crude futures climbed $2.51, or 2.85%, to $90.61 a barrel as of 0241 GMT while U.S. West Texas Intermediate crude was at $85.53, up $2.13, or 2.55%.
  
  U.S. forces struck two launchers on Iran’s Larak island in the Hormuz strait on Sunday, the first known American strikes on the Gulf nation since late July.
  
  In response, Iran attacked two U.S. air bases in Jordan, Iranian media reported on Monday citing Iran’s Revolutionary Guards.
  
  "Looks like we are in another escalation phase. How long that lasts is impossible to determine. Could be days, could be weeks," IG market analyst Tony Sycamore said.
  
  Technical charts showed that if the conflict escalated and pushed WTI above resistance at $85.80 to $85.90 a barrel, it would open the way for further gains, initially to last week’s $87.69 high followed by July’s $93.50 high, Sycamore said.
  
  Negotiations to end the conflict are at an impasse while mediators work to reopen the Strait of Hormuz, through which a fifth of the world’s oil flowed before the war began at the end of February.
  
  U.S. Treasury Secretary Scott Bessent told Reuters on Sunday that the U.S. is likely to issue new secondary sanctions weekly on Iran, with the aim of cutting the Islamic republic off entirely from the dollar-based financial system.
  
  Brent and WTI are set to post small declines in August after falling more than 4% last week, in what was their first weekly decline in three.
  
  While the path to a deal to reopen the strait is elusive, increases in oil flows through the Hormuz strait kept concern over supply disruption in check, ANZ analysts said in a client note.
  
  The number of visible commodity vessels that sailed through the Strait of Hormuz over the weekend dropped to five a day, shipping data showed on Monday, reflecting caution among companies wary of attacks on ships.
  
  The United Kingdom Maritime Trade Operations reported on Sunday that a tanker was struck by a projectile while sailing inbound through the strait on Saturday.
  
  U.S. President Donald Trump said on Sunday that oil from a recently struck deal with Venezuela will be used to replenish the U.S. Strategic Petroleum Reserve which has dropped near its lowest level in 44 years. Source: Reuters/Investing.com
- 2026-08-31
  Oil Prices Surge as U.S. and Iran Exchange Strikes
  Oil prices climbed in early Asian trade on Monday after the U.S. struck Iran for the first time in over a month, with Iran then retaliating against U.S. bases in Jordan. At the time of writing, WTI front-month futures were trading at $85.46 per barrel,... Read more Oil prices climbed in early Asian trade on Monday after the U.S. struck Iran for the first time in over a month, with Iran then retaliating against U.S. bases in Jordan.
  
  At the time of writing, WTI front-month futures were trading at $85.46 per barrel, up 2.47%, while Brent front-month futures had climbed 2.71% to $90.49 per barrel.
  
  The latest escalation started on Sunday when U.S. forces struck two Iranian rocket launchers on Larak Island, which sits inside the Strait of Hormuz. According to a U.S. Central Command spokesperson, the attack came after the IRGC were observed “preparing to launch rockets with sea mines into the Strait of Hormuz.”
  
  CENTCOM later described the action as a “limited, precise action against IRGC minelaying forces posing an imminent threat in the Strait of Hormuz.”
  
  It was only last week that President Trump claimed that the U.S. had finished clearing mines from the Strait and warned that any ship or boat placing new mines would be “immediately and systematically destroyed”.
  
  Iran responded to the Larak strike by launching ballistic missiles and drones at U.S. military installations in Jordan.
  
  The Jordanian Armed Forces said on Monday morning that its air defenses had intercepted and destroyed eight missiles after they entered Jordanian airspace.
  
  The IRGC then confirmed that it had targeted technical and maintenance infrastructure and fighter aircraft positions at two U.S. bases in Jordan and warned that Iran would “forcefully respond” to every new U.S. strike.
  
  That leaves the oil market in an all-too-familiar position of attempting to establish if this will become another contained round of escalation or if it is the beginning of another major disruption for Gulf oil exports.
  
  Brent's move back above $90 is significant, but prices remain well below the levels seen during earlier periods of the war. Both benchmarks fell more than 4% last week, and the early 2% gain has done little to offset broader market losses.
  
  Nevertheless, traffic through the Strait remains well below levels seen before the war, and there are growing fears that the recent selloff in oil may have outrun the reality of today’s physical market.
  
  Over the weekend, visible commodity-vessel traffic through the Strait had dropped to around five ships per day, and UK Maritime Trade Operations issued a warning that another tanker transiting through the Strait had been struck by an unknown projectile.
  
  Meanwhile, Centcom gave an update on its blockade of Iranian ports, with 83 commercial vessels redirected, three disabled, and two boarded as of August 30.
  
  The combination of low traffic, attacks on shipping, the U.S. blockade, and renewed attempts from the IRGC to mine the Strait suggests the geopolitical premium isn’t going anywhere anytime soon.
  
  It is also notable that the latest attacks come just as the U.S. was attempting to move away from military operations toward economic pressure, with the U.S. Treasury launching what was described as an ‘economic D-Day’.
  
  For now, traders will be watching for any further signs of escalation while keeping a particularly close eye on oil flows through the Strait in the coming days.
  
  Source: Oilprice.com
- 2026-08-31
  Saudi Arabia Backs Turkey’s Rapid Renewable Energy Buildout
  Turkey and Saudi Arabia have announced ambitious plans to cooperate on renewable energy, as both countries aim to deploy vast amounts of clean power. Saudi Arabia has already invested heavily in Turkey’s solar power sector and aims to deepen its energy... Read more Turkey and Saudi Arabia have announced ambitious plans to cooperate on renewable energy, as both countries aim to deploy vast amounts of clean power. Saudi Arabia has already invested heavily in Turkey’s solar power sector and aims to deepen its energy partnership with Turkey. Meanwhile, Turkey is also continuing to expand its oil and gas production and discussing the potential for new energy routes linking the Middle East and Europe.
  
  Turkey and Saudi Arabia have signed an agreement to add a further 3 GW of renewable energy capacity in Turkey, bringing the country’s total planned capacity to 5 GW, Natural Resources Minister Alparslan Bayraktar announced in August. Bayraktar emphasised that Turkey has “almost accomplished a century’s worth of work” under President Recep Tayyip Erdogan’s leadership, with major progress in renewable energy.
  
  Turkey has “quadrupled its installed electricity capacity, from 32,000 megawatts to 126,000 megawatts,” said Bayraktar, adding that the country had commissioned around 95 GW of new capacity over the past 24 years. Turkey now has Europe’s third-largest installed electricity capacity and consumption, after France and Germany.
  
  Oil production has also tripled, while natural gas output has increased ninefold, and mineral exports have risen tenfold, according to Bayraktar. The massive rise in energy production, both fossil fuels and renewables, supports Turkey’s goal of becoming self-sufficient. The government has set ambitious energy targets for the next decade to help achieve this goal.
  
  Domestic natural gas production in the Black Sea is set to double in 2026 and quadruple by 2028. Bayraktar views the ongoing crisis in the Middle East as an opportunity for Turkey to establish itself as a major energy hub between the Middle East and Europe, as countries seek to diversify energy routes to ensure their energy security. Accelerating the development of alternative new energy corridors could help the Middle East prepare for potential future geopolitical challenges.
  
  In February, Saudi Arabia announced plans to invest $2 billion in the construction of two solar farms in Turkey, with a total capacity of 2 GW, following the signing of an agreement between Bayraktar and his Saudi counterpart, Prince Abdulaziz bin Salman. The two plants are expected to meet the electricity needs of 2.1 million households once operational.
  
  The deal states that Saudi companies will build a solar power plant in the eastern province of Sivas and another in the central province of Karaman. Bayraktar stated, “We view these investments as one of the most important examples of direct foreign investment in our energy sector, and they will be financed entirely through external financing. Credit will also be provided by international financial institutions.”
  
  Hydropower remains Turkey’s largest renewable electricity source, contributing around 17 per cent of total electricity in 2025, while wind and solar account for around 22 per cent. Turkey has a total of 42 GW wind and solar power capacity. However, the country still relies heavily on coal, which contributed around 34 per cent of Turkey’s electricity last year. It is the largest coal producer in Europe, although its coal power is expected to peak soon as the government focuses on greater energy diversification. Turkey imports around two-thirds of its coal generation.
  
  Turkey’s power sector emissions have nearly doubled over the last 20 years, owing to a rise in fossil fuel electricity production to meet the country’s rising power demand. However, the increase in Turkey’s renewable energy capacity has helped limit this increase. Solar power generation doubled between 2023 and 2025, although it contributes just 10.5 per cent of electricity generation. The government aims for 47 per cent of Turkey’s electricity to be produced from renewable energy sources by the end of the decade.
  
  In July, Turkey’s Ministry of Energy and Natural Resources announced the launch of solar and wind power auctions totalling 2.4 GW, with 1.5 GW available across seven wind power projects – six located between Istanbul and Izmir, and Sivas in central Turkey. The solar energy auctions total 900 MW altogether across 14 areas in nine provinces. The bids for the 2026 round must be submitted on October 13.
  
  Bayraktar stressed that the government aims to offer at least 2 GW of wind and solar capacity through auctions each year and vowed that Turkey would achieve its 2035 target of 120 GW of combined capacity on the grid earlier. He also said he expects solar to become the largest electricity source in the country by the end of the year.
  
  Turkey aims to achieve its ambitious energy expansion plans by working closely with international investors and neighbouring countries to accelerate development. The government expects Turkey to become a major energy hub between the Middle East and Europe in the coming decades, attracting significant international investment as countries seek to diversify their energy routes to ensure their energy security. Source: Oilprice.com
- 2026-08-31
  MABUX: Global bunker indices to extend upward movement on Aug. 31 amid renewed escalation in the Strait of Hormuz.
  The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO – shifted into a moderate upward correction on Aug. 28, reversing four consecutive sessions of decline: 380 HSFO: USD/MT: 618.64 (+8.40) VLSFO:... Read more The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO – shifted into a moderate upward correction on Aug. 28, reversing four consecutive sessions of decline:
  
  380 HSFO: USD/MT: 618.64 (+8.40)
  VLSFO: USD/MT: 768.24 (+8.39)
  MGO: USD/MT: 1 332.98 (+5.21)
  
  As of Aug. 28, the MABUX Market Differential Index (MDI), which tracks the spread between Market Bunker Prices (MBP) and the MABUX Digital Bunker Benchmark (DBP), indicated the following trends across the four major global bunkering hubs—Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: Fujairah remained the only overvalued port, although its premium narrowed by another $6. The other three hubs stayed in the undervaluation zone. The MDI discount was unchanged in Rotterdam, widened by $10 in Singapore, and narrowed by $5 in Houston. Houston's MDI stayed above the $100 mark.
  
  • VLSFO segment: Rotterdam, Singapore and Houston were underpriced. The MDI discount widened by $4, $10, and $13, respectively. Fujairah remained the only overpriced port, with its premium narrowing by $7.
  
  • MGO LS segment: All four ports were undercharged. MDI discounts declined by $33 in Rotterdam, $28 in Singapore, and $26 in Fujairah, while widening by $16 in Houston. MDI values in Rotterdam, Singapore, and Houston remained above the $100 mark.
  
  MABUX expects Global bunker indices to maintain their upward momentum on Aug. 31, supported by renewed geopolitical tensions in the Strait of Hormuz and increased supply-risk concerns: plus 2-5 USD/MT, VLSFO: plus 2-6 USD/MT, MGO LS: plus 5–20 USD/MT.
  Source: MABUX
- 2026-08-31
  Mexico’s Green Energy Push Is Finally Gaining Momentum
  After a delayed start under the previous government, Mexico is now well on its way to undergoing a green transition. President Claudia Sheinbaum has launched an energy reform that opens Mexico’s energy sector to greater private investment and focuses... Read more After a delayed start under the previous government, Mexico is now well on its way to undergoing a green transition. President Claudia Sheinbaum has launched an energy reform that opens Mexico’s energy sector to greater private investment and focuses on expanding the country’s renewable energy sector. Meanwhile, the approval of several solar and wind projects demonstrates the government’s commitment to the accelerated deployment of clean energy.
  
  In February, Sheinbaum launched Mexico’s strategic energy transition roadmap, which includes achieving oil production of 1.8 million bpd and deploying a $43.6 billion investment package. The government aims to add more than 32 GW of new electrical generation capacity by 2030, at least 70 per cent of which should come from renewable sources.
  
  During the announcement, Sheinbaum stated, “Mexico not only has oil: it has sun and wind, clean energies that allow for fewer environmental impacts. We are working on the energy transition: moving toward greater participation of renewable energy sources in the electricity we consume. And that is the most important objective between now and 2030.”
  
  The roadmap includes renewable energy-specific targets, including increasing photovoltaic generation by 140 per cent, geothermal by 90 per cent, wind energy by 70 per cent, and hydroelectric energy – through the maintenance of existing plants – by 18 per cent. The government aims to increase the share of renewable energy in the electricity mix from 24 per cent to 38 per cent by 2030.
  
  Achieving these goals will require a significant acceleration in the deployment of clean energy sources, particularly compared with previous years, when foreign investment in renewables was highly restricted. Between 2018 and 2024, former Mexican President Andrés Manuel López Obrador (AMLO) pushed for greater nationalisation, citing greedy international energy companies and sectoral corruption as reasons for the move. This decision was widely criticised for deterring investment in the energy sector and delaying Mexico’s green transition.
  
  However, AMLO’s successor, President Sheinbaum, has gone in a different direction. During her electoral campaign, Sheinbaum stated that she planned to spend at least $13.6 billion on renewables. Once in power, Sheinbaum announced that private companies would be permitted to add up to 9.6 GW of renewable capacity by 2030 via a new framework that allows 46 per cent of electricity generation to come from private investments – with the rest being operated by the state-owned electricity company CFE – marking a shift away from AMLO’s strict energy nationalisation strategy.
  
  Mexico is now welcoming investment in renewable energy projects, particularly in solar power. The country’s installed photovoltaic capacity is projected to more than triple by 2035, to 37.8 GW, growing at a compound annual growth rate of roughly 10.7 per cent between 2024 and 2035. A 2025 report from the thinktank Ember Energy suggests that Mexico has favourable climatic conditions for solar energy, which could supply close to 90 per cent of national electricity demand if exploited. However, solar power contributed just 6.6 per cent of Mexico’s electricity generation in 2023.
  
  To date, Mexico’s largest solar farm is located in the city of Puerto Peñasco in the northern state of Sonora. Phase one of four was completed in April 2023 and provides 120 MW of clean energy, while phase two, launched in September 2024, added 300 MW. The development of phase three is currently underway. Puerto Peñasco is expected to have 1 GW of installed capacity and 246 MW of battery storage once complete, making it the largest solar power plant in the Americas and the fifth-largest worldwide.
  
  In August, the Danish energy infrastructure investor Copenhagen Infrastructure Partners (CIP) announced it had reached a final investment decision for the 420 MW solar-plus-storage La Esperanza Solar project, the company’s first investment in Mexico to reach financial close, representing the firm’s growing renewables portfolio in Latin America.
  
  Construction is currently underway on La Esperanza in the southeastern Mexican state of Campeche, on the Yucatán Peninsula. The project is expected to come online in 2028 and will incorporate 150 MW of battery storage. Project funding comprises approximately $510 million in debt facilities provided by a consortium, with BNP Paribas, JPMorgan Chase Bank, Natixis CIB, Santander, and Scotiabank.
  
  Mexico is also home to 76 wind farms across 16 states, with an installed capacity of 8,131 MW and over 3,300 wind turbines. The sector provides power for as many as 12.1 million households and supports over 10,000 jobs. Mexico is expected to attract between $4 billion and $5 billion of investment in wind energy by 2030, with 2,159 MW of new installed capacity, according to estimates from the National Energy Control Centre, the National Energy Commission, and the Mexican Wind Energy Association.
  
  After a stalled start, the Mexican government is supporting the accelerated rollout of renewable energy projects to help achieve its green transition aims. This is being supported by the establishment of favourable policies and energy reforms, and greater openness to private investment, which has led to the launch of several new green energy projects in recent years. Source: Oilprice.com
- 2026-08-31
  U.S. Eyes 18th-Century Law to Seize and Sell Iranian Oil
  The US government is exploring an unusual legal route for dealing with Iranian oil and ships captured as part of its blockade: bringing back a wartime maritime system that has barely been used for generations, according to Bloomberg. The Justice Department,... Read more The US government is exploring an unusual legal route for dealing with Iranian oil and ships captured as part of its blockade: bringing back a wartime maritime system that has barely been used for generations, according to Bloomberg.
  
  The Justice Department, working with the Pentagon, is preparing to use prize law, which historically allowed courts to decide whether vessels and cargo captured during armed conflict could legally become property of the United States. The mechanism was once commonplace in naval warfare but largely disappeared from American practice after the 19th century and has been dormant since World War II.
  
  The appeal for the administration is largely practical. At present, the government generally relies on civil forfeiture to take ownership of vessels accused of sanctions violations or other offenses. Those cases can become complicated and slow, particularly when shipping companies, creditors, terrorism victims or other parties assert competing rights to the ship or its cargo. A prize proceeding could potentially narrow those disputes and allow captured oil to be sold more quickly, with the proceeds going to the US Treasury.
  
  Bloomberg writes that Houston is being considered as a central venue for these cases. The Southern District of Texas has jurisdiction over a major port and sits alongside the country’s largest concentration of petrochemical infrastructure, giving it the capacity to receive and store substantial quantities of crude. US Attorney Aaron Reitz, whose office is working with DOJ officials in Washington, said the department is “now reviving” prize courts, describing the concept as an “ancient body of maritime law.”
  
  The effort comes as Washington looks for additional ways to put economic pressure on Iran. US forces have already intercepted Iranian-owned or Iran-linked vessels since the blockade was imposed in April. Using prize law could turn those captures into a more direct financial tool: ships and oil deemed lawful prizes could be liquidated, potentially generating revenue while depriving Iran of valuable exports.
  
  Supporters also see a strategic purpose beyond the money. Reviving the system would reinforce the message that the US considers the blockade a serious wartime measure rather than simply another sanctions regime. It could also make it more difficult for neutral commercial vessels to continue transporting goods that Washington believes support Iran.
  
  But there is considerable uncertainty over how a centuries-old framework would operate under modern international law. “This really is a historical area of law that is not tested in modern times,” maritime attorney Allison Luzwick said. Courts could be asked to determine whether the current conflict provides sufficient legal grounds for invoking prize authority at all, particularly given questions surrounding congressional authorization for the hostilities.
  
  The practical challenges are significant as well. Federal judges, prosecutors and the Navy have virtually no contemporary experience administering prize cases, meaning procedures would effectively have to be rebuilt for modern shipping and warfare. Shipowners and other parties with financial claims are also expected to contest seizures.
  
  There are broader geopolitical risks. Critics argue that normalizing prize law could create a precedent that Washington may later regret. A rival power such as China, for example, could point to US practice when attempting to seize American or neutral merchant vessels during a future conflict.
  
  The proposal therefore offers Washington a potentially faster way to convert captured Iranian oil into government revenue and tighten economic pressure on Tehran, but it would do so by reopening an area of wartime law that has gone largely untouched for more than a century. Source: Oilprice.com
- 2026-08-31
  Venezuela Helped Build OPEC. Now It May Help Break It Apart
  Venezuela helped create OPEC. More than six decades later, it is considering walking away, and Washington appears perfectly happy to hold open the door. Caracas is weighing whether to leave the Organization of the Petroleum Exporting Countries, Bloomberg... Read more Venezuela helped create OPEC. More than six decades later, it is considering walking away, and Washington appears perfectly happy to hold open the door.
  
  Caracas is weighing whether to leave the Organization of the Petroleum Exporting Countries, Bloomberg reported Friday, citing people familiar with discussions that have included U.S. officials. No final decision has been made.
  
  Venezuela produced about 1.117 million barrels per day (bpd) in July according to OPEC’s secondary sources, and is currently exempt from OPEC production quotas after years of sanctions, underinvestment and economic turmoil gutted output.
  
  But Venezuela was one of OPEC’s five founding members in 1960 and played a central role in assembling the organization, and its departure would come just months after the United Arab Emirates quit following years of frustration over production restrictions.
  
  Iraq may be next in line. Baghdad has warned it could reconsider membership if an ongoing capacity review does not produce a higher production quota.
  
  Together, the UAE, Venezuela, and Iraq represent more than 7 million bpd of production capacity, roughly 32% of capacity held by OPEC’s members, according to OPEC’s latest Monthly Oil Market Report. Just Venezuela and the UAE alone account for 4.9 million bpd.
  
  Interestingly, U.S. and Venezuelan officials are currently discussing greater American participation in the country’s oil fields, including a possible 100-year lease on several assets. Chevron has already expanded its position, while SLB and Hunt Oil recently reached agreements with PDVSA.
  
  Venezuela holds an estimated 303 billion barrels of proven oil reserves, but rebuilding production will take years. Current deals are expected to add only incremental barrels in the near term.
  
  OPEC is already contending with growing U.S., Brazilian and Guyanese supply, diminished Russian influence and a Gulf war that has left some members unable to produce anywhere near capacity. Source: Oilprice.com
- 2026-08-31
  The Iran War Has Turned VLCCs Into $650,000-a-Day Assets
  More Gulf oil is moving again. Getting it out now costs a fortune. Earnings on the benchmark Saudi Arabia-to-China supertanker route surged to a record $647,000 per day on Thursday, according to Baltic Exchange data cited by Bloomberg. That is more... Read more More Gulf oil is moving again. Getting it out now costs a fortune.
  
  Earnings on the benchmark Saudi Arabia-to-China supertanker route surged to a record $647,000 per day on Thursday, according to Baltic Exchange data cited by Bloomberg. That is more than ten times the rate a year ago—and nearly 27% above the $510,000 reached just ten days earlier.
  
  The spike comes as Persian Gulf producers increase crude shipments through the Strait of Hormuz despite the continuing Iran war.
  
  That should, in theory, ease the oil supply crunch. Instead, it has created another one: ships.
  
  Few tanker owners are willing to send vessels through Hormuz, leaving exporters competing for the smaller pool that will take the risk. The result is an extraordinary premium for anyone willing to make the trip.
  
  And crossing Hormuz is increasingly only the first leg.
  
  Producers have begun shuttling crude through the strait before transferring cargoes onto other tankers outside the Gulf. That effectively creates two freight bills—one for getting the oil through Hormuz and another for hauling it onward to Asia.
  
  TotalEnergies CEO Patrick Pouyanne said earlier this week that moving a cargo through Hormuz cost about $20 million. Tanker market participants told Bloomberg those costs have risen further since then.
  
  Even outside the strait, rates are climbing. A tanker traveling from Oman to China now commands roughly $220,000 per day, up from $131,000 a month ago.
  
  The squeeze is being amplified by Houthi attacks in the Red Sea, which have forced Saudi Arabia to redirect some barrels through the Mediterranean and around Africa, adding roughly 30 days to voyages bound for Asia.
  
  There are signs that more oil is escaping the Gulf. Traders estimate Hormuz outflows at 6 million to 8 million barrels per day, while Goldman Sachs puts flows at roughly two-thirds of pre-war levels. Source: Oilprice.com
- 2026-08-31
  Gas Prices in Asia and Europe Jump as Qatar Extends LNG Force Majeure
  Natural gas prices in Asia and Europe jumped on Friday as the market digested reports that Qatar has extended the force majeure on its LNG deliveries into November amid still blocked transits through the Strait of Hormuz. In Asia, the spot LNG price... Read more Natural gas prices in Asia and Europe jumped on Friday as the market digested reports that Qatar has extended the force majeure on its LNG deliveries into November amid still blocked transits through the Strait of Hormuz.
  
  In Asia, the spot LNG price jumped to $23.388 per million British thermal units (MMBtu) on Friday, traders told Bloomberg.
  
  The spot LNG price has been hovering at four-year high levels this week, as supply has tightened with the absence of Qatari term deliveries since the Iran war began. In addition, utilities in Asia have been outbidding Europe for LNG supply this summer amid a shrinking pool of Middle East cargoes, which other producers cannot fully offset with increased deliveries.
  
  In Europe, the LNG price surged this week to the highest level since 2023, while the benchmark natural gas prices in Europe at the Dutch Title Transfer Facility (TTF) rose by 2% in morning trade in Amsterdam, to top $80 (69 euros) per megawatt-hour (MWh).
  
  Europe is heading for the winter with gas storage sites barely 63% full as of this week, compared to a five-year average of about 80%.
  
  A perfect storm of elevated demand for filling depleted storage and electricity during the summer heatwaves, and slashed LNG supply with Qatar’s cargoes trapped behind the Strait of Hormuz has pushed European benchmark prices and LNG prices to the highest in three years.
  
  Reports from Friday that Qatar’s state-owned QatarEnergy has extended through October-early November its force majeure on LNG deliveries to customers further raised concerns about global LNG supply just ahead of the winter.
  
  LNG traffic at the Strait of Hormuz remains at a standstill, even though oil flows are estimated to have rebounded in recent weeks.
  
  Unlike crude oil, LNG cannot be shuttle-shipped through Hormuz and then re-loaded via a ship-to-ship (STS) transfer, as the Persian Gulf producers have been doing in recent months to ship oil to customers. Source: Oilprice.com
- 2026-08-31
  Qatar Extends Force Majeure as Hormuz Crisis Still Blocks LNG Traffic
  Qatar’s state-owned QatarEnergy has extended by several weeks its force majeure on LNG deliveries to customers as the LNG flows at the Strait of Hormuz remained blocked despite increased oil flows. QatarEnergy has notified buyers in Pakistan and Bangladesh... Read more Qatar’s state-owned QatarEnergy has extended by several weeks its force majeure on LNG deliveries to customers as the LNG flows at the Strait of Hormuz remained blocked despite increased oil flows.
  
  QatarEnergy has notified buyers in Pakistan and Bangladesh this week that LNG cargo cancellations would continue through October, traders with knowledge of the situation told Bloomberg on Friday.
  
  Some previously planned deliveries to Europe under long-term deals have also been cancelled beyond September, with Edison of Italy saying the force majeure and cargo cancellations were extended into early November.
  
  At the end of July, Edison said that QatarEnergy canceled an additional three LNG cargoes with the force majeure period extended by September.
  
  As of July 28, a total of 24 LNG cargoes for delivery to Edison were subject to force majeure since April, representing a total volume of approximately 3 billion cubic meters of natural gas.
  
  Now this force majeure period has been extended beyond September as LNG traffic at the Strait of Hormuz remains at a standstill, even though oil flows are estimated to have rebounded in recent weeks.
  
  However, unlike crude oil, LNG cannot be shuttle-shipped through Hormuz and then reloaded via a ship-to-ship (STS) transfer as Persian Gulf producers, including Qatar, have been doing in recent months to ship oil to customers with alternative methods and routes.
  
  Six months since the Iran war crippled Qatar’s LNG exports via the Strait of Hormuz, the world’s second-largest liquefied natural gas exporter has lost $24 billion in sales as exports tumbled by as much as 96%, Reuters calculations showed earlier this week.
  
  The number of LNG cargoes that Qatar has managed to export crashed to just 18, down from 509 cargoes shipped from Qatar in the same period of last year, per data from data intelligence firm ICIS cited by Reuters. Source: Oilprice.com

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