THE NEW YORK TIMES: After three months, the fallout of the closure of the Strait of Hormuz is spreading, with developing countries bearing the brunt of the shortfall.
At the onset of the war in the Middle East, industry officials and experts warned that the closure of one of the world’s most vital maritime waterways would trigger acute shortages of oil, gas and other critical commodities. Three months into the blockade of the Strait of Hormuz, those warnings are materializing across the globe.
Before the war, roughly a quarter of the world’s seaborne crude oil and a fifth of the world’s liquefied natural gas passed through the strait. The region is also among the world’s largest suppliers of products derived from oil and gas, including fertilizer and naphtha, a liquid used in everything from plastic wrap to industrial inks.
Much of the world has largely experienced the crisis through price shocks. Physical supply shortages have afflicted economies across Asia. Developing countries everywhere, especially in Asia, have been hit the hardest, as shortfalls of oil, gas and their derivatives have strained everything from farming and cooking to medical imaging. Governments across the region have rationed power, drawn down emergency stockpiles and scrambled for alternative supplies.
“It’s not just a price shock, it’s explicit shortages,” said Krishna Srinivasan, a director at the International Monetary Fund. “In the context of shortages, industry scales back, people lose their jobs, and this has a secondary impact on growth,” Mr. Srinivasan said. » | River Akira Davis, Catie Edmondson, Eshe Nelson, Peter S. Goodman and Suhasini Raj | River Akira Davis reported from Tokyo, Catie Edmondson from Seoul, Eshe Nelson from London, Peter S. Goodman from New York and Suhasini Raj from New Delhi. | Wednesday, May 27, 2026
