The global energy market is experiencing another shock: the freight rates for hiring tankers to transport liquefied natural gas (LNG) have increased by 100% in just one day. The current rental cost of a vessel has reached an astronomical figure of $200,000 for 24 hours, which is a historical maximum. The main factor behind this explosive growth has been the geopolitical escalation in the Middle East following military strikes on Tehran over the weekend. Concerns about the safety of shipping in the Strait of Hormuz and the potential blocking of key LNG supply routes from Qatar and the UAE have provoked panic demand for available tonnage.

Traders and importers are trying to reserve tankers at any cost to ensure uninterrupted gas supplies amid the risk of disruptions. In the absence of a quick stabilization of the situation in the region, analysts warn that this 'debt pressure' on energy prices will exacerbate global inflation.

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