Iran war exposes Southeast Asia’s energy security risks tied to Strait of Hormuz oil and gas

An International Energy Agency report says the war in Iran has highlighted Southeast Asia’s heavy reliance on oil and gas shipped through the Strait of Hormuz, sharpening regional energy security risks. The report warns the region’s energy import bill could reach $245 billion by 2035, up from $80 billion in 2024, accelerating moves into rooftop solar, nuclear power and electric vehicles. While supplies have not been directly disrupted, higher geopolitical risk premiums and near-term demand rigidity are adding momentum to upward pressure on crude prices.