Washington will bar Iranian vessels and their customers from the Strait of Hormuz and charge a 20% levy on all other cargo transiting the chokepoint, which carries a fifth of global oil, in a sharp escalation of the US-Iran conflict.

The war between the US, Israel and Iran will continue to weigh on Latin American and Caribbean economies for the rest of 2026, even if last month's fragile ceasefire holds, the UN's regional economic body has warned.

Pakistan has issued a tender for an LNG cargo on the spot market amid concerns of further disruption of supplies from Qatar following worsening relations between Iran and the US.

Global LNG trade experienced a banner year in 2025 rising by 6.3% to reach a record volume of 437 mn tonnes, according to the International Gas Union’s World LNG Report .