Asian LNG prices jump amid Hormuz crisis; JKM benchmark hits about $21

Spot prices for liquefied natural gas (LNG) in Asia have risen sharply amid the Strait of Hormuz crisis and the continued force majeure on Qatar's exports. The Japan Korea Marker (JKM) rose 5.32% from the previous day to about $20.99 per million BTU on Friday, 17 July 2026. The benchmark is up roughly 37% over the past month and nearly 75% from a year ago. Qatar, one of the world's largest LNG exporters, has extended force majeure on part of its shipments. Higher Asian gas prices increase pressure on major importers such as China, Japan and South Korea and are tied to the energy crisis stemming from Iran US tensions.