US-Iran conflict: Strait of Hormuz closure to hurt India, Pakistan and Bangladesh — list of countries to be impacted

The ongoing conflict between the United States and Iran has escalated following Iran's decision to close the strategically vital Strait of Hormuz, which is a crucial passage for global oil and liquefied natural gas (LNG) shipments. This closure has significant implications for several Asian economies, particularly India, Pakistan, and Bangladesh, which rely heavily on imported energy. As a result of this geopolitical tension, oil prices are projected to soar, potentially exceeding $100 per barrel. The situation poses a considerable challenge for these countries, which may experience increased energy costs and inflationary pressures. In addition to South Asia, other nations such as Japan and South Korea are also expected to feel the impact, as they are major energy importers. The Strait of Hormuz is a vital conduit, through which approximately 20% of the world's oil supply passes, making any disruption to this route a critical concern for global energy security. The developments are being closely monitored by international markets, as they could lead to broader economic ramifications across the region and beyond.