Strait of Hormuz Shutdown Shakes Asian Energy Markets

The effective closure of the Strait of Hormuz following US-Israeli strikes on Iran has triggered an unprecedented energy supply crisis, with Asian economies bearing the heaviest burden as tanker traffic through the world’s most critical oil chokepoint grinds to a halt. Japan and South Korea face the greatest risk, with both nations being overwhelmingly dependent on fossil fuel imports that transit the Strait. Tanker Traffic at a Standstill The cost of hiring a supertanker to ship oil from the Middle East to China surged to an all-time high of over $423,000 per day on Monday, doubling from Friday’s levels, according to LSEG data. Iran’s Revolutionary Guard Corps declared the Strait closed and warned it would fire on any vessel attempting passage source: https://beincrypto.com/strait-of-hormuz-shutdown-shakes-asian-energy-markets/