Apart from soaring oil prices, Asian economies have to factor in a surge in insurance premiums and potential supply disruptions
Up to 20 million barrels of oil pass each day through Hormuz, one-fifth of global supply, most of it destined for East Asia’s biggest economies – China, South Korea and Japan.
Any closure of Hormuz will have global ramifications for the Gulf oil-producing nations and the export markets of Asia.
Oil spiked to close to US$80 on Monday morning from US$60 a barrel at the beginning of June.
Any prolonged rise is likely to soon be felt by Asian consumers.
