Forecast for industrial gas prices in August 2026: Hormuz conflict re-emerges.

The July 2026 CP dropped sharply — propane fell to $580/ton, down $180 from June — following the US–Iran ceasefire MOU signed on June 18. That relief was short-lived.

From early July 2026, the conflict resumed after Iran struck three commercial vessels bypassing its approved route. As of July 21, the US had carried out 10 consecutive nights of airstrikes on Iran, while Iran expanded attacks into Kuwait and Jordan. The Strait of Hormuz — through which over 5% of global seaborne LPG supply flows — is disrupted again, with most days recording zero LPG departures from the Gulf.

For CNG, pricing is linked to FO/DO fuel oil through a K-factor mechanism. With Brent crude trending upward again after peaking at $128/barrel in April, CNG costs at factories face similar upward pressure.

The August CP will be announced by end of July. Given current conditions, risk is skewed to the upside for both LPG and CNG.

2026 CP LPG Price (Saudi Aramco) Table

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