How the Hormuz Crisis Turned Southeast Asia Into a Solar Powerhouse
ADNOC, Eni Acquire Stakes In Gas Blocks Linked To Argentina’s LNG Project Space-based solar power, a technologically… Haley Zaremba is an energy journalist and researcher with more than a decade of professional experience covering global energy systems, land and natural resources, and… The United States and Iran have stepped back from the brink of all-out war, but theceasefire that followed nearly four months of fightingis still being tested byflare-ups around the Strait of Hormuz.
One outcome of the crisis, though, is already clear: the clean energy transition is speeding up, and shows no sign of slowing.
The war is just the latest in a string of conflicts to send shockwaves through oil and gas markets in recent years, leaving global leaders increasingly wary of dependence on fossil fuel imports and underscoring the energy independence benefits of solar power.
Nowhere in the world was hit harder by the closure of the Strait of Hormuz than Asian markets.
Before the United States and Israel launched a joint military campaign against Iran on Feb.
28, one-fifth of the world’s oil and gas trade flowed through the Strait of Hormuz on any given day, headed east out of the Persian Gulf.
Of the roughly 20 million barrels of oil and oil products that passed through the strait each day before the war,about 80 percent of oil and 90 percent of natural gas were destined for Asian markets.
When the Strait closed in response to the military campaign, Asian markets were hit hard and hit early by the stemmed flow.
Southeast Asia, in particular, was extremely vulnerable to price volatility because of the region’s relatively high dependence on energy imports and low capacity to absorb market shocks.
The fallout has been concrete, not hypothetical:the Philippines declared a national energy emergency in March, and governments across the region turned to energy rationing, work-from-home mandates, and even four-day work weeks to manage the strain.
But the same crisis has alsokickstarteda much-needed renewable revolution that will render the region more energy-secure, independent, and autonomous going forward.
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| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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