The escalating conflict in the Middle East is delaying LNG shipments via the Strait of Hormuz from key exporters in the region, putting severe upward pressure on spot LNG prices in Asia and the European natural gas market. The key Strait of Hormuz, where a fifth of global oil and LNG flows pass, is not formally closed. However, major shipping operators and oil and gas companies, and traders have effectively halted shipments through the narrow lane between Iran and Oman. At least a dozen empty tankers on the eastern side…