As the US imposes restrictions on shipping through the Strait of Hormuz to pressure Iran to accept a deal, concerns are growing over the potential impact on major economies in Asia and Europe that rely heavily on energy imports passing through the key maritime chokepoint.

A recent report by Japanese investment bank Nomura said Asian economies — excluding China — are the most exposed to escalating tensions in the Persian Gulf, followed by Europe, as the region remains the primary destination for oil and LNG shipments through the strait.

Among the most vulnerable are Thailand, India, Indonesia, the Philippines, Germany, Italy, and the United Kingdom, the South China Morning Post said in a report.

In contrast, the United States, China, Canada, Norway, Spain, South Korea, Malaysia and Singapore are expected to face comparatively limited direct exposure.

However, Energy World Mag noted that Singapore remains highly dependent on fossil fuels, warning that “over 97 per cent of Singapore’s energy comes from fossil fuels,” leaving it particularly vulnerable to any disruption in oil or gas imports.

Nomura data shows that Japan and the Philippines import more than 90 per cent of their crude oil from the Middle East, while around 60 per cent of India’s liquefied natural gas (LNG) also originates from the region, underscoring their high exposure to supply risks.

In Europe, reliance on Middle Eastern energy is also considerable.

Italy sources about 12 per cent of its crude oil from the region, while Qatari LNG accounts for roughly 10 per cent of its total gas consumption.

Nearly 45 per cent of Italy’s LNG imports also come from Qatar, according to the US International Trade Administration.

Nomura estimates that a 10 per cent rise in energy prices could reduce eurozone GDP by 0.2 percentage points over two years.

China sources around 65 per cent of its seaborne crude from the Middle East, but analysts say its diversified energy mix, coal reserves and strategic oil stockpiles would help cushion supply shocks.

The United States, a major oil producer, imports only about 8 per cent of its crude from the Persian Gulf.

Oil markets have already reacted to rising tensions, with Brent crude climbing to nearly $99 per barrel, up from around $75 on April 7 when a ceasefire between the US and Iran was announced.

Analysts warn prices could surge to $140-$150 per barrel if supply disruptions deepen following the blockade.

Jorge Montepeque of Onyx Capital Group told Bloomberg Television that the situation could escalate a regional conflict into a global energy crisis, potentially removing up to 12 million barrels of oil per day from global markets.