Asia ‘scraping the bottom of the barrel’ as Red Sea oil blockade worsens energy crisis

Asia is reeling from a second major energy crisis in just six months. The Guardian reports that Yemen's Houthis have blockaded the Bab al-Mandab strait—the southern entrance to the Red Sea—restricting oil exports from Saudi Arabia. Japan, South Korea, Thailand, and the Philippines, which all depend on the Middle East for up to ninety percent of their oil imports, are now competing to secure alternative supplies. With the Strait of Hormuz already disrupted and only the Suez Canal remaining fully open, the region faces mounting pressure on its energy security.

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