Oil and LNG Markets React to Hormuz Strait Tensions

Tensions in the Strait of Hormuz have disrupted oil and LNG markets, with Gulf producers rushing to load cargoes while the strait remains open. Pakistan is seeking emergency LNG cargoes after a flare-up, and plans to boost LPG imports and explore cheaper oil from Iran. Meanwhile, oil prices climbed as the U.S.-Iran conflict shook market complacency.