Strait of Hormuz Crisis Hits Asia Hard as Fuel Rationing Spreads and Renewables Gain
Monday saw Asian officials expand emergency measures, with fuel and shipping prices staying elevated amid the ongoing Strait of Hormuz disruption. A ceasefire proposal remained under discussion between Washington and Tehran, raising hopes for the vital route to reopen. South Korea, weighing its options, signaled a willingness to tolerate limited shipping risk as it scrambles to secure alternative crude supplies and speed up renewable energy efforts. The stakes are high for Asia, which takes in roughly 80% of oil exports passing through Hormuz. Fresh manufacturing numbers are already flagging slower momentum in Indonesia, Vietnam, Taiwan, and the Philippines. The Bank of Japan, via Osaka branch manager Kazuhiro Masaki, cautioned the risks could spread if the conflict drags on, saying it’s “not just about the impact on prices but availability of goods.”
