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  • 23 June 2026
  • Market: LPG / NGLs

After months of extreme volatility, the US-Iran peace deal has triggered a sharp correction in global LPG prices, but market stability is far from guaranteed. As the strait of Hormuz begins to reopen, this insight paper examines the pace of Middle East Gulf supply restoration against ongoing logistical and geopolitical risks.

What happened?

  • The closure of the strait of Hormuz removed over 7mn t of LPG, equivalent to 5% of global seaborne supply
  • US Gulf coast exports surged to record highs, temporarily filling gaps but with limited impact on elevated price risk.
  • Propane and butane price spreads widened, with Asian demand destruction hitting residential and petrochemical sectors unevenly.

 

What can we expect next?

  • How quickly will Middle East flows return and restore balance?
  • Will Asian buyers replenish stocks in time for winter
  • How will high freight and logistics costs continue to shape global trade routes?

 

Download this insight paper to understand:

  • How the US-Iran agreement is influencing global LPG pricing and trade flows.
  • Outlook for Asia-Pacific, European, and US markets amid shifting supply patterns.
  • Freight market dynamics and their role in shaping netbacks and arbitrage opportunities.
  • Key demand-side implications for petrochemical and domestic sectors.

Download the insight paper

About Argus Media

As a leading authority on energy and commodity markets across the globe, Argus is uniquely positioned to provide in-depth analysis and expert thought leadership. Our white papers are carefully written by Argus specialists from across our company. Each white paper focuses on a topical theme, exploring areas such supply and demand dynamics, price trends, trading activity and changing regulations. We always aim to provide a balanced view, underpinned by data and insight gathered first hand from the market.