Singapore Foreign Minister Vivian Balakrishnan does not mince his words. In an interview with Reuters on March 23, he said Iran’s effective closure of the Strait of Hormuz was, “in a sense, an Asian crisis”. Many industry experts agree with him.
Before the war in Iran erupted, China, India, Japan and South Korea accounted for 75 per cent of oil and 59 per cent of liquefied natural gas (LNG) flows through the strait. In a report on March 6, Nomura said Asia was the “epicentre of the energy...
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