S&P Global Vice President Daniel Yergin pointed out that the impact of the crisis in the Strait of Hormuz far exceeds oil, affecting the global supply of gas, fertilizers, helium, aluminum and petrochemical products.
Asia is the region most heavily affected because "80% of oil and 90% of liquefied natural gas (LNG) are transferred to Asia," Mr. Yergin pointed out.
Mr. Yergin believes that the financial market is reacting not commensurate with the seriousness of the real-life crisis, when Asian people may not have enough oil to use, shortages occur, distribution according to norms, businesses close down, restaurants stop operating due to energy shortages.
The Hormuz crisis has now developed into what Mr. Yergin described as a confrontation between two blockades - one is US economic pressure on Iran, the other is Tehran's ability to "provoke war with the world economy".
According to him, time is a key factor as reserves are gradually running out, and "the longer the crisis lasts, the greater the risk of price increases.
Mr. Yergin predicts that the final crisis will make the Gulf countries pay more attention to energy security, while accelerating the transition to electric vehicles. He noted that 20% of cars produced worldwide this year will be electric vehicles, and this rate will certainly increase further due to the current crisis.
