"The unease highlights just how much a region dependent on oil from Gulf nations is affected by the Iran war, which the International Energy Agency says has created the "largest supply disruption in the history of the global oil market." Unlike the U.S. or Europe, which have more diverse sources of oil, Asia relies heavily on imports that pass through the Strait of Hormuz, a key shipping route along southern Iran that carries about a fifth of the world's oil."
"Among the countries most affected are Singapore, Thailand, South Korea, Pakistan and Japan, according to a research note Thursday from Eurasia Group, a New York-based geopolitical risk analysis firm. The escalating conflict in the Middle East has set off an energy frenzy across the continent, forcing governments to ration fuel and scramble for alternative supplies."
""The ability to refine different oils from different places is complicated and not easily shifted in Asia," Robert Savage, the head of markets strategy and insight at Bank of New York Mellon, told NBC News on Thursday."
The U.S.-Israeli conflict with Iran and closure of the Strait of Hormuz creates critical energy disruptions across Asia. Countries including Nepal, India, Singapore, Thailand, South Korea, Pakistan, and Japan implement emergency measures to manage shortages and rising oil prices. India, the world's second-largest LPG importer, faces panic-buying and price volatility. Nepal rations cooking gas by filling cylinders halfway. The International Energy Agency identifies this as the largest supply disruption in global oil market history. Asia's heavy dependence on Gulf oil imports through the Strait of Hormuz, which carries one-fifth of global oil, makes the region particularly vulnerable compared to the U.S. and Europe with more diversified energy sources.
Read at NBC News
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