Renewed U.S.-Iran hostilities have pushed Brent crude oil price above $85, ending the oversupply narrative and reviving fears of a global oil shortage. Asia and Europe are competing for LNG, with Asia's benchmark JKM price reaching $19.5 per MMBtu, the highest since early June. European LNG imports are poised to decline to 6.90 million tonnes this month, a 2-year low, as European LNG prices trend below JKM.