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A liquefied natural gas (LNG) tanker initially bound for Europe has altered its route and is now heading towards Asia after a sharp jump in global gas prices, underlining the growing rivalry between the two regions for energy supplies.

Shipping data from analytics firm Kpler showed the diversion, marking the first recorded instance of a cargo switching from Europe to Asia in direct response to the latest price surge. The move reflects how rapidly traders are reacting to market signals as volatility grips the energy sector.

Benchmark gas prices have climbed in recent days amid escalating tensions in the Middle East and severe disruption to shipping through the Strait of Hormuz, a waterway critical to global oil and gas flows.

Aramco weighs alternative export routes

At the same time, Saudi Aramco is considering sending additional cargoes to Yanbu, a Red Sea port located outside the Gulf, as dozens of vessels remain stranded due to the effective closure of Hormuz.

The world’s largest oil exporter typically ships most of its crude from terminals within the Gulf. However, the conflict has created a bottleneck, prompting the company to assess alternative routes. Aramco operates a cross-country pipeline capable of transporting up to 5 million barrels per day from its eastern oilfields to facilities on the Red Sea coast, offering a potential workaround.

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The company did not immediately comment on the reported contingency plans, Bloomberg said.

Tanker traffic slows to a trickle

Maritime traffic through the Strait of Hormuz has fallen sharply since hostilities intensified. CNN reported that data from S&P Global Commodities at Sea indicated that only two oil and chemical tankers passed through the strait on Monday, compared with five vessels the previous day.

Under normal circumstances, around 60 oil and chemical tankers transit the waterway each day, carrying close to one-fifth of the world’s daily oil supply. The dramatic slowdown has heightened fears of supply shortages and further price spikes.

Security incident off UAE coast

Adding to concerns, the United Kingdom Maritime Trade Operations reported that an “unknown projectile” struck a commercial vessel off Fujairah in the United Arab Emirates.

The organisation, led by the Royal Navy and responsible for coordinating maritime security between merchant shipping and military forces, said the projectile damaged the ship’s steel plating. However, there was no fire or flooding, and the crew were reported safe. Authorities are investigating the incident.

With energy flows disrupted, shipping risks rising and prices surging, the competition for LNG and crude supplies between Europe and Asia appears set to intensify further if instability in the region persists.