Asian spot liquefied natural gas prices jumped on Tuesday to as high as $24.614 per million British thermal units, the strongest level in five months and the highest since the 2026 winter, as buyers scrambled for cargoes while LNG traffic through the Strait of Hormuz remained stalled. The move lifted prices from $23.388 per MMBtu on Friday after QatarEnergy extended force majeure on deliveries into November and the United States and Iran exchanged fire for the first time in more than a month. South Asian importers including Pakistan and Bangladesh drove the Asian rally by seeking spot supply to replace blocked Qatari term cargoes, while utilities in South Korea, India, Taiwan and Bangladesh tendered for October and November deliveries. In Europe, the Dutch TTF front-month contract surged about 5% on Monday to top €70 ($81.20) per megawatt-hour—its highest level since January 2023—and continued higher on Tuesday, with morning trade around €71.20 ($82.60); other session readings placed the contract near €71.30. The advance compounds a geopolitical risk premium over prolonged Hormuz disruption that threatens roughly one-fifth of global LNG, much of it from Qatar, while European storage near 62% of capacity lags seasonal norms ahead of the 2026/27 winter.