MANILA: ASEAN economic ministers said in a joint statement on Friday that escalating tensions in the Middle East are posing a growing threat to global energy security and could significantly slow regional growth.
"We expressed deep concern that the current disruptions to key maritime routes, particularly the Strait of Hormuz, where around one-quarter of global seaborne oil and liquefied natural gas (LNG) exports pass through, with over 80 per cent destined for Asia, are posing severe risks to global energy security, fuelling persistent volatility in oil and LNG prices, and sharply increasing freight, insurance, and logistics costs," the ASEAN Economic Community Council said. - Reuters
