US renews West Asia travel alert, warns Iran conflict may escalate rapidly

Doha, Qatar: Asian spot liquefied natural gas prices reached a record high of $27.00 per million British thermal units this week, according to the Al-Attiyah Foundation's Weekly Energy Market Review. The increase is attributed to ongoing disruptions in the Middle East conflict and rising demand in South Asia ahead of winter, intensifying competition with European markets, the report noted.

In Europe, the Dutch TTF gas price settled at $26.62 per mmBtu, marking a 1.5% weekly decline. The physical LNG market was supported by concerns over Europe's storage levels, which stood at 68.5% capacity, and the necessity to secure winter supplies. Meanwhile, Saudi Arabia urged Iran to curb Houthi rebels' attacks on Saudi oil infrastructure, which threatened a second oil export route in the Middle East.

Brent crude futures settled at $103.87 a barrel, while US WTI crude finished at $100.30 a barrel. Over the week, Brent crude fell by 0.7%, whereas WTI crude rose by 0.2%. Oil prices have been on an upward trend due to renewed attacks between the US and Iran, as well as the intensifying activities of Iran-aligned Houthis, coupled with refining capacity issues globally. The Strait of Hormuz remains largely blocked, with only four cargo vessels passing through on Thursday, according to the report.