The threat for the LPG market is lower than it is for crude, but if Israel were to target Iran's gas processing plants or the two refineries in Bandar Abbas — PGS and Bandar Abbas — which yield over 20pc of the country's refinery LPG, the ramifications could still be substantial, consultancy FGE's Middle East managing director Iman Nasseri says. Iran's three LPG terminals could also theoretically be attacked, preventing the country's seaborne exports, but "I doubt they will be", he says.
Iran's buoyant LPG trade is also unlikely to be disrupted by tightening US sanctions or the potential return of Donald Trump as US president "unless gas processing plants or terminals are destroyed", Nasseri says.