Asian LNG Prices Fall on U.S. Plan to Secure Hormuz Strait

Asia’s spot LNG prices fell on Thursday from the three-year high hit on Wednesday after U.S. President Donald Trump pledged the United States would “immediately” provide “political risk insurance and guarantees” for tankers transiting the Strait of Hormuz. President Trump also noted that the U.S. Navy would escort energy tankers in the region if needed. Although the plan has yet to come to fruition, spot LNG prices in Asia retreated slightly on Thursday from the $25.40 per million British…