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ASIA’S WAKE-UP CALLThe Hormuz crisis has been particularly significant for Asia given its heavy dependence on energy imports from the Gulf, much of which transits through the strait.The disruption triggered immediate responses. Governments monitored or drew on strategic reserves, while refiners sought alternative supplies. In some cases, demand-side measures were introduced to conserve fuel. India, for example, managed to stabilise imports by pivoting to Russian crude and other sources, illustrating both flexibility and its trade-offs.However, diversification is neither seamless nor costless. Alternative supplies often come with longer shipping times, higher freight costs and additional geopolitical considerations.The crisis also renewed interest in…
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