Global thermal coal prices soar amid escalating Middle East tensions

Global thermal coal prices rose sharply this week as escalating military conflict in the Middle East disrupted liquefied natural gas (LNG) supplies, leading gas users to consider switching fuels, analysts said.

Benchmark Newcastle thermal coal futures on the Intercontinental Exchange climbed about 7.3% to $138/tonne on March 3, after an 8.6% rise the previous day. This marked the highest level since late November 2024, as the LNG supply disruption underscored coal's growing role in power generation. The price surge followed a