Nobuo Tanaka highlights risks of a third oil shock, with Asia as the epicenter due to potential Strait of Hormuz disruptions.
Asia is poised to suffer the worst effects of a deepening energy crisis triggered by Middle East conflict, according to former International Energy Agency head Nobuo Tanaka. Speaking at a hydrogen industry event, Tanaka compared the current situation to historic oil shocks, warning that a closure of the Strait of Hormuz would exacerbate supply disruptions globally.
Tanaka noted that the 1973 oil crisis led to the IEA’s creation, while subsequent shocks reshaped economies. The current geopolitical tensions mirror those risks, with Asia’s energy security particularly vulnerable due to its reliance on Middle East oil imports.
No immediate market reaction was detailed, but the warning underscores rising risks for energy-dependent economies in the region.