Global liquefied natural gas (LNG) prices could quadruple by early next year compared with levels recorded before the war in the Middle East, Reuters reports, citing Simon Flowers, head of consultancy Wood Mackenzie.

Asian LNG prices stood at around $10 per million British thermal units (MMBtu), equivalent to roughly $360 per thousand cubic meters, before the conflict, The Caspian Post reports, citing Reuters.

Flowers warned that prices could rise to $40 per MMBtu, or about $1,430 per thousand cubic meters, by early 2027.

According to Flowers, this level would be equivalent to a Brent crude oil price of $240 per barrel.

He said such prices would present a significant challenge to the global energy market and assessed the likelihood of this scenario occurring as relatively high.

“Especially if the winter is cold, given that fuel inventories are very low,” Flowers said.

Experts attribute the sharp increase in LNG prices primarily to a prolonged blockade of the Strait of Hormuz. The closure of the key Middle Eastern transportation route has caused major disruptions to energy supplies from Persian Gulf countries.