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India, Pakistan, Bangladesh, Thailand, and Vietnam have collectively spent $7.4 billion on spot liquefied natural gas (LNG) since the US-Iran war began, more than double the cost of comparable supplies bought under long-term contracts a year earlier, according to a Bloomberg News analysis. The disruption in LNG shipments through the Strait of Hormuz has forced these countries to seek replacement cargoes in the spot market, pushing up prices and putting pressure on their economies that rely on natural gas for power generation and industrial use.

This has prompted countries to reconsider their dependence on imported LNG and explore alternative sources of energy, such as solar, wind, coal, nuclear, domestic gas production, and pipeline supplies.

Brief written by urgent.news from The Economic Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.