REPLIES 
Nah, there are multiple ways to write/interpret some characters, but that is definitely not 'ash nazg durbatuluk' et cetera.
The first character, that looks like a 'v' or a lower-case Greek 'nu', has no direct version in any Tengwar I know of; the next to last character in panel 8 is similarly not found in my Tengwar resources.
Other than that, it's not any Tolkien anything. It reads as (depending on whether a certain vowel is being used as 'u' or as 'o', and using ? in place of the two completely unknown characters, and / as the panel break):
?rmi niuhuih / mihwazloyyw nwald?? / huwaldth?wviwy? / huildkhwynwyr / ?vrami?waldldythi nwwivi n?ngwz? nldordyiyi nviwwvayth
OR
?rmi niohoeh / mihwazloyyw nwald?? / howaldth?wviwy? / hoildkhwynwyr / ?vrami?waldldythi nwwivi n?ngwz? nldordyiyi nviwwvayth
REPLY
Vedalken
Sauron's spell written in elvish runes in running line?