Asia's energy crisis is intensifying: ~45% of all crude oil and condensate imported by Asia flowed through the Strait of Hormuz in 2025, the highest dependency of any region. Asia also relied on the Strait for ~30% of its gasoline and naphtha imports, ~9% of diesel, and ~5% of jet fuel. By comparison, Europe's biggest vulnerability is jet fuel and kerosene, with ~39% of imports dependent on Hormuz. Africa is even more exposed, with ~41% of jet fuel and ~23% of diesel imports flowing through the chokepoint. Globally, ~31% of crude imports, ~16% of gasoline, ~10% of diesel, and ~19% of jet fuel passed through Hormuz on average last year. The closure of the Strait of Hormuz is the biggest energy supply shock in history.(The Kobeissi Letter)