Global natural gas consumption is expected to fall by 20 billion cubic metres this year, ⁠mainly because higher prices are curbing demand from power generators and industry after the US-Israel war on Iran tightened supplies, Al Jazeera reports citing the ⁠International Energy Agency (IEA).

Gas demand in Asia fell about 1 per cent year-on-year ‌in the first half of 2026 as higher prices encouraged fuel switching, particularly to coal in the power sector.

Europe’s benchmark TTF price and Asia’s Platts JKM benchmark have both recorded their highest average second-quarter prices since 2022.

TTF has risen 32pc year-on-year to average nearly $16 per million British thermal units (mmBtu), while ⁠spot liquefied natural gas (LNG) prices in Asia have increased by 45pc to ⁠an average of $17.50 per mmBtu.

The Iran war has sharply reduced LNG flows through the Strait of Hormuz, a shipping route that in peacetime accounted for about 20pc of ⁠global LNG supplies.