US media: The military strikes by the US and Israel against Iran are pushing major Asian economies to the brink of an energy crisis. One-fifth of the world's oil passes through the Strait of Hormuz, most of which is destined for Asia.
The dependence of countries on Middle Eastern oil is alarming. Japan imports over 90% of its oil via the Strait of Hormuz, South Korea gets about 70% of its crude oil from the Middle East, Taiwan receives about 60% of its oil and one-third of its natural gas through this route, and more than half of China's maritime crude oil comes from the Middle East, a quarter of which is from Iran.
In terms of reserves: Japan has 254 days of oil reserves, South Korea over 210 days, China about 115 days, and Taiwan has about 120 days of oil reserves, but only 11 days of natural gas. Taiwan's situation is particularly critical—chips giants such as TSMC support the global supply of advanced semiconductors, and if power is cut off, the consequences would affect the entire globe.
Currently, tankers have begun to take longer routes, insurance costs have surged, ports are congested, and oil prices have risen sharply. China has called on all parties to cease hostilities immediately, while India is in a difficult position—having just reached an agreement with Trump to use Persian Gulf oil to replace Russian supplies, but now facing the risk of the plan falling through due to the sudden change in the Middle East situation.
Original: toutiao.com/article/1858560314864711/
Statement: This article represents the views of the author alone.