A narrow corridor linking the Gulf to global markets, Hormuz has been all but blocked since US and Israeli strikes began late last month. In normal times, the strait carries about a quarter of the world’s seaborne oil trade. In recent weeks, however, only a trickle of vessels – Chinese, Iran-linked or Iran-protected – have passed through.
The waterway has been central to the conflict, but Iran’s geographic and strategic advantages have left the US unable to restore traffic – despite insurance measures, plans for naval escorts and efforts to enlist wary partners. Brent crude, the global benchmark, has climbed nearly 55% since the war began.
For Asia’s oil-importing nations caught in the crossfire, the disruption is squeezing supplies and driving up prices – forcing a shift to alternative sources or, in some cases, tentative engagement with Tehran. India, grappling with an acute LPG shortage, has secured at least two cargoes and is negotiating transit for more.
A Pakistan-bound crude tanker transited the corridor last week, while Turkey has also been granted passage, according to a state-run outlet.
Other Asian buyers with close US ties are walking a tightrope between urgent energy needs and avoiding friction with Washington, particularly as most have resisted calls to deploy warships to secure the strait.
Iran’s Foreign Minister Abbas Araghchi said on Friday Tehran was ready to allow Japan-linked vessels to transit. Tokyo swiftly clarified it was not considering unilateral talks.
Instead, Japan will focus on ensuring “conditions where everyone can pass”, Foreign Minister Toshimitsu Motegi said, stressing freedom of navigation. About 45 Japan-linked vessels remain affected, he said on Sunday.
South Korea, another major crude importer and fuel exporter, has taken a similarly cautious stance, saying it is closely monitoring developments and engaging relevant countries, including Iran. While some observers say efforts to cool energy prices may soften Washington’s stance, officials in Seoul say all sides are proceeding carefully.
“South Korea faces a tough situation. If it makes a deal with Iran to ensure safe passage without responding to the US call to send troops, it could strain the alliance,” said Ellen Kim of the Korea Economic Institute of America.
“Even if talks are under way to ease energy pressures, Seoul is likely to remain cautious and coordinate with peers such as Japan.”
