Strait of Hormuz the worst energy crisis in history, says expert #CNA

Strait of Hormuz the worst energy crisis in history, says expert
The Strait of Hormuz is among the world’s most critical maritime oil chokepoint, through which 20 per cent of global oil and liquefied natural gas passes. But the narrow shipping lane has been largely closed since the United States and Israel’s war on Iran began on Feb 28, sending oil prices soaring and disrupting global trade and supply chains. Amos Hochstein, managing partner of holding company TWG Global, warns this is the worst energy crisis in history, surpassing the 2008 global financial crisis and the 1997 Asian financial crisis. Hochstein, who also served as an energy advisor during the Biden administration, tells CNA’s Asia Now that the impact goes far beyond crude oil, affecting jet fuel, petrochemicals and critical industrial inputs.

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