Oil Nears $100 as Trump’s ‘Economic D-Day’ Raises the Stakes

Hormuz traffic remains near a standstill as Trump’s ‘Economic D-Day’ campaign pushes Brent closer to $100. Friday, August 21, 2026 Transits through the Strait of Hormuz have been in single digits the entire week, with Trump’s announcement of an ‘Economic D-Day’ campaign against Iran increasing geopolitical risk premia in the markets. With ICE Brent at $94 per barrel, Asian LNG prices at $24 per MMBtu and VLCC freight rates at exorbitant levels, this week’s gradual upward creeping momentum towards $100-per-barrel…

LNG Market Background

The global LNG market has undergone a structural transformation in recent years, with U.S. exports reshaping trade flows and providing consuming nations with greater supply optionality. European buyers have accelerated long-term LNG contracting following the disruption of Russian pipeline gas supplies.

New LNG liquefaction capacity — from the U.S. Gulf Coast, Qatar's North Field expansion, and Australian projects — is expected to add significant supply volumes through the late 2020s, with implications for long-term contract pricing and spot market dynamics.

What to Watch

Stakeholders will be tracking spot LNG cargo pricing in Asian and European markets, liquefaction plant utilization rates, and upcoming long-term supply contract negotiations as global LNG trade flows continue to evolve.