According to Argus Media data, spot LNG prices in Northwest Europe rose to $22.83 per million British thermal units earlier this week, more than double the price a year ago and the highest since January 2023. The conflict in the Middle East has disrupted shipping in the Strait of Hormuz, and Iran's Persian Gulf Strait Authority threatened on Sunday to fine or confiscate 46 vessels, including 10 LNG carriers, exacerbating market concerns about tight supplies this winter. Goldman Sachs' research report indicates that European benchmark gas prices need to rise above €100 per megawatt-hour to significantly curb Asian demand, while current contract prices are around €66.