Thermal coal futures climbed above $137 per ton, reaching a seven-week high after a deadly gas explosion at a mine in China’s Shanxi province prompted production suspensions and intensified safety inspections across the country’s largest coal-producing region. The accident reportedly killed at least 82 people and triggered a large-scale rescue operation involving hundreds of emergency personnel. The heightened regulatory scrutiny is expected to weigh on near-term coal output, potentially affecting power generation and complicating Beijing’s efforts to maintain energy security. Earlier this month, coal prices had generally followed declines in oil and natural gas markets amid growing optimism that a US-Iran agreement could help end the conflict and reopen the Strait of Hormuz. Reports that selected UAE liquefied natural gas tankers were able to transit through the Persian Gulf also helped ease fears of supply shortages since the outbreak of the war.

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