Bloomberg and Kpler ship-tracking data show LNG flows through the Strait of
Hormuz have continued to recover since September; at least three cargoes
transited the strait since last weekend. September volumes were the highest
since the Iran conflict erupted in late February, but remain more than 75% below
pre-conflict levels. Producer countries are working to restore exports to
customers facing tight supplies; markets are watching flows for signs of relief
after last month’s shortages pushed European and Asian gas prices to their
highest since end-2022. A sustained recovery could ease price pressure ahead of
northern-hemisphere heating winter demand, but transit risks remain elevated
after a string of incidents—UK Maritime Trade Operations (UKMTO) reported a
tanker struck by an unknown object in the Strait of Hormuz on Oct. 4.
