The war has effectively closed the Strait of Hormuz, through which a fifth of the world's oil and liquefied natural gas passes, causing the worst oil crisis since the 1970s. He noted that while the United States has become a net oil exporter, industrial economies in Asia depend much more heavily on crude oil from the Middle East. Last Saturday, Trump threatened to 'wipe out' Iranian power plants if Tehran does not fully open the Strait of Hormuz within 48 hours. The minister expressed deep concern over the conflict in the Middle East and its impact on the global economy. He added: 'Damage to energy infrastructure in the Middle East means a long-term decline in exports.' Balakrishnan told Reuters that the closure of the Strait of Hormuz is, to some extent, an Asian crisis. Singapore - Reuters On Monday, Singapore's Foreign Minister Vivian Balakrishan confirmed that a war against Iran portends an economic crisis in Asia, issuing a stern warning from a region severely threatened by energy supply disruptions from the Middle East. He continued: 'We are disappointed by the collapse... Seoul - Reuters The office of South Korean Foreign Minister Cho Hyun reported that on Monday, he demanded his Iranian counterpart ensure the safety of ships in the Strait of Hormuz. Trump set a final deadline for Monday by 7:45 p.m. Eastern Time. Balakrishnan considers the war against Iran futile.
