Christopher Harding
Such has been the intensity of events in the Gulf, and the relentlessness of the media coverage, that the Iran war can feel older than it is. In fact, some of the oil tankers that left the Middle East before the closure of the Strait of Hormuz have yet to reach their destinations in Europe. The real impact of radically reduced supplies, across the array of industries that rely on oil and the customers who depend on their products, has yet to be felt, leaving an eerie sense of consequences pending.
To the east of the Gulf, where transit times to major Asian destinations are shorter and reliance on Middle Eastern oil is much greater, things are already looking very different. South, East and Southeast Asia have long suffered a severe energy deficit, owing to dense populations, high industrial demand for power and uncooperative geology when it comes to oil and gas production. Around 84 per cent of oil passing through the Strait of Hormuz is destined for Asia, and economies in South and Southeast Asia in particular are starting to struggle. Relationships with the United States are meanwhile being stress-tested, most of all in South Korea and Japan.
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