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Rising tensions in the Middle East that kicked off the New Year and sent a brief jolt through energy markets weren’t enough to outweigh the global supply glut that has kept a lid on liquefied natural gas (LNG) prices.

Crude oil surged to a nearly four-month high in the days after a U.S. attack killed a top Iranian military leader on Jan 3. LNG prices were poised to spike following the unrest, particularly contracts tied to Brent crude, the global benchmark. Spot prices were also seen vulnerable on the escalation and its possible impact on shipping in the Strait of Hormuz.

The reaction, however, was short-lived and crude prices stabilized. LNG futures jumped slightly with oil prices and Asian spot prices inched up by a few cents, but have since fallen.

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