Asian nations face oil supply challenges due to Strait of Hormuz closure

MULTIPLE REPORTS·Published June 3, 2026 at 03:20 AM UTC·Main source · The Economic Times

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01 — Who
Asian Refineries
02 — Where
Asia

Original reports

Asian nations are increasing crude oil imports from the US. US shipments cannot fully compensate for losses caused by the closure of the Strait of Hormuz. Refined fuel prices are expected to rise, impacting less developed Asian economies.

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Closure of the Strait of Hormuz has disrupted global oil supply chains. Second-hand tanker prices have surged by up to 40% due to high demand. Freight rates for VLCCs have increased significantly, reaching over $36 million per voyage. Oil-producing nations and major importers are aggressively acquiring tanker fleets.

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