The closure of the Strait of Hormuz is squeezing Asia’s largest oil importers as they run low on alternatives.
India and China have managed to cushion the blow of the Iran war’s energy shock by relying on diplomatic workarounds and Russian crude supplies already on water, but their “luck is beginning to run out,” Bloomberg wrote: Iranian forces attacked two India-flagged ships transiting the waterway, and analysts estimate that floating Russian crude available for purchase is down from 20 million barrels in February to between three to five million barrels.
While India’s reliance on Gulf crude and LPG makes it particularly vulnerable, Beijing also called for “vigilance” to secure supplies. The war is “sparing no one,” an oil brokerage executive said.