Any disruption or added costs in Malacca would hit Asian energy importers hard, raise shipping and insurance costs, and put fresh upward pressure on global oil prices.

The prospect of fees to transit the Strait of Hormuz has sparked alarm, not least by investors who fear it could be replicated in other maritime corridors.

Oil market uncertainty remains high, as analysts debate whether lower prices will spur stronger demand while importers prepare for the possibility that Iran and Oman could impose…