The ongoing conflict between the United States and Iran has reportedly reduced global liquefied natural gas (LNG) supply by 20%, disrupting flows and intensifying pressure on developing markets in Asia. LNG prices for Northeast Asia have climbed to their highest level in more than three years, with the JKM benchmark (Northeast Asia LNG price reference) reflecting the increase. The disruption, driven by Middle East tensions and risks around the Strait of Hormuz, is tightening regional gas balances and keeping import costs elevated. The supply shock has also influenced crude oil expectations, with market pricing indicating a greater likelihood of new highs by the end of the year. Investors will watch the US-Iran conflict, potential resolutions, the Strait of Hormuz and other transit points, as well as comments from OPEC’s Secretary General and the IEA’s Executive Director. The December 31 deadline is another focal point for changes in geopolitical stability and energy policy. Live prediction-market analysis is available through Vera.