Fox National

Iran War Fuels Asia Energy Crunch As India, Japan, Others Feel Strain

hong kong, night, city, cityscape, street, architecture, asia, building, bus, people, tourism, old, hong kong, hong kong, hong kong, hong kong, hong kong, bus, bus, bus

(FOX NEWS) — The latest phase of the Iran war is locked on the Strait of Hormuz and critical energy infrastructure. Already, its effects are rippling thousands of miles away in Asia.

Asia is at the front line of the energy crisis, ​with shortages hitting nearly every country. Roughly a fifth of the world’s oil flows through the Strait of Hormuz, with some 80% going to Asia, according to the International Energy Agency.

As Iran refuses to open the strait, Asia is scrambling to mitigate disruptions and is being forced to take measures reminiscent of COVID-era actions.

Asia is especially susceptible due to its heavy import dependence, weaker currencies and large populations. And the impact has hit households fast.

The conflict has disrupted sectors from air ‌travel ⁠and shipping to gas supplies. People are struggling to cook and businesses across the board are bearing the brunt as liquefied petroleum gas imports slow.

Widespread disruptions have hit South Asia in particular, which is extremely reliant on Middle Eastern oil. India, which imports nearly 90% of its crude and about half its natural gas from abroad and is the world’s third-biggest oil importer and consumer, has been left especially vulnerable.

Yesterday, President Donald Trump and Indian Prime Minister Narendra Modi spoke on the phone, their first call since the Feb. 28 war broke out. In a post on X, Prime Minister Modi stressed, “Ensuring that the Strait of Hormuz remains open, secure and ​accessible is essential for the whole world.”

The Strait of Hormuz serves as a conduit for more than 40% of India’s crude oil imports.

Related posts

Sandusky’s Adopted Son Says Former Coach Abused Him

WOWO News

Swalwell Faces House Ethics Probe Over Alleged Sexual Misconduct As Expulsion Threat Looms

Fox News

Police: 1 suspect ‘put down’ at Sikh temple in Wis., unclear how many suspects are involved

WOWO News

Leave a Comment