The two-week ceasefire announced earlier this month triggered a sharp sell-off onhopes of de-escalation, but the market stayed cautious as no LNG tankers wereconfirmed transiting Hormuz and Iran continued to restrict traffic.Prices crept back up through the second half of the week as the fragility of thetruce became clear, with carbon also adding support after…

The conflict escalated sharply as fresh Iranian missile strikes on RasLaffan destroyed two of Qatar’s 14 LNG trains, with QatarEnergyconfirming 17% of export capacity will be offline for three to five years,a structural loss of 12.8 million tonnes per annum now priced acrossthe entire forward curve. UK gas surged past 150p per therm, up over120%…