Oil Prices Rise in Global Markets on Fears of Middle East Supply Disruptions
Darwin, October 21: Oil prices rose in global markets on Wednesday as traders grew concerned about potential disruptions to oil supplies in the Middle East,…
Darwin, 29 April : Australia has said that the ongoing disruption in the Strait of Hormuz is having an uneven and disproportionate impact on the Asia-Pacific region due to energy supply disruptions.
Australian Foreign Minister Penny Wong made the remarks during a visit to Tokyo, where she met her Japanese counterpart Toshimitsu Motegi. She highlighted the importance of close cooperation between the two countries, particularly in maintaining stable supply chains that have enabled Australia to continue importing energy from Japan.
“We are seeing the impacts of global instability, and our economic relationship is becoming increasingly important,” Wong said.
She also emphasized the need for continued coordination with Japan amid what she described as the effective closure of the Strait of Hormuz and its uneven impact on regional economies.
The Strait of Hormuz is one of the world’s most critical energy transit routes, with nearly one-fifth of global oil supply passing through it. Its disruption has particularly affected Asian countries that rely heavily on this route for energy imports.
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