Asian spot liquefied natural gas prices surged to $25.908 per million British thermal units on Wednesday evening, the highest level since December 2022 and more than double prices before the resumption of U.S.-Iran hostilities, as traders priced rising risks of disruption in the Strait of Hormuz. Spot LNG has climbed more than 5% this week, forcing Pakistan to cancel an emergency procurement tender and deepening power shortages in an import-dependent economy. Oil extended gains into a fourth session, with West Texas Intermediate at $92.46 a barrel and Brent at $96.65, after a prior surge of more than $4 a barrel that lifted Brent to $94.65 and WTI to $90.22. U.S. diesel futures reached a 52-month high after rallying 51% over 10 weeks, pushing diesel crack spreads to a record near $107 a barrel. About one-fifth of global LNG supply normally transits the strait, where vessel traffic has fallen, two tankers were reported attacked on departure, and Iran has effectively shut shipping while warning it will block Persian Gulf oil exports. U.S. President Donald Trump said strikes may not last long but that the United States is ready to strike again, proposed renaming the waterway the "Trump Strait," and has weighed further sanctions as neither side signals de-escalation.