TOKYO — Asia’s dependence on oil and gas from the Middle East makes it highly vulnerable to any closure of the Strait of Hormuz, a vital waterway for oil and gas shipments that is now in Iran’s crosshairs.
Whether Iran could close off the chokepoint, through which around 20% of the world’s oil and gas passes, in a conflict has been debated for decades. Now, commodities traders and others are having to ask the question again, after the Iranian parliament approved choking off the strait following U.S. strikes on its nuclear facilities.
