Goldman Sachs warns of risks in the Strait of Hormuz, Asia may face energy shortages and rising oil prices

On April 6th, Goldman Sachs reported that the Middle East conflict has put pressure on the Strait of Hormuz, putting extreme pressure on the oil supply chain and increasing the risk of localized energy shortages in Asia. Multiple economies are highly dependent on energy imports from the Persian Gulf, with some countries sourcing around 50% of their fuel from the region, with South Korea, Singapore, and others having even higher levels of dependence. In late March, the net import volume of oil in Asia significantly declined, with tight inventories of naphtha and liquefied petroleum gas, and rising prices of diesel and aviation fuel. India, Thailand and other places have taken intervention measures to deal with fuel rationing or supply disruptions. Goldman Sachs said that if the disturbance in the Strait of Hormuz continues, local energy shortages and rising oil prices will intensify.