The extent to which the world depends on energy from the Gulf region has been shockingly shown by the US-Israel confrontation with Iran. Due to airstrikes on shipping and energy infrastructure as well as the effective closure of the Strait of Hormuz, a crucial waterway for energy shipments that carries a fifth of the world’s oil supplies, the price of oil has skyrocketed since the conflict started and is currently trading at $100 per barrel, more than a third higher.
Asia is the region most affected by the present energy crisis. Nearly 90% of the gas and oil that crossed the Strait of Hormuz last year was intended for the area. It is used by ordinary people to generate electricity, fuel their cars, and heat their homes. It is necessary for businesses to run a large manufacturing base in the area.
South East Asia, in particular, is especially exposed to the blockade in the Persian Gulf. Over the past ten years, even oil-producing nations like Malaysia and Indonesia have progressively begun to produce less and import more. The kind of oil produced in the Middle East and the methods used by its nations to process it also contribute to the vulnerability.
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