Hormuz energy squeeze: Can Asia insure itself against decisions taken on the other side of the globe?
This is not simply anxious rhetoric. It reflects a deeper disquiet about how a conflict far from Asia’s shores, shaped by decisions made in the US and Iran, is landing on the region. About 90% of the oil and 83% of the liquefied natural gas that normally pass through the Strait of Hormuz are bound for Asia, Balakrishnan noted. “Right now,” he said, “the closure of the Strait of Hormuz is, in a sense, an Asian crisis.”
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