Closure of Strait of Hormuz has huge impact on Asia, Japanese PM says

The closure of the Strait of Hormuz due to the conflict between the United States, Israel and Iran is having a huge impact on Asia and the Pacific region. Japanese Prime Minister Sanae Takaichi said this today, according to AFP. She discussed securing energy supplies for her country with Australian Prime Minister Anthony Albanese.

In normal times, up to a fifth of the world’s oil flows through the Strait of Hormuz. Around 80 percent of that volume is then destined for Asia. Since February 28, when war broke out in the region, the transport of commodities along this route has been virtually halted, contributing to higher oil prices on global markets. The situation has not improved even after a ceasefire was declared almost a month ago.

"The de facto closure of the Strait of Hormuz has had a huge impact on the Indo-Pacific," Japanese Prime Minister Takaichi said.

According to her, Japan and Australia want to work together to ensure reliable energy supplies.

Japan and Australia already cooperate in this area. Australia is Japan’s largest supplier of liquefied natural gas, while Japan exports oil products to Australia.