Iran war ‘stark wake-up call’ for fossil fuel- dependent Southeast Asia: IEA report

AI Summary

The Iran war has highlighted significant energy supply vulnerabilities for Southeast Asia, with overreliance on oil and gas through the Strait of Hormuz risking billions in losses. The IEA report urges faster diversification of energy sources to improve the region's energy security amid rising sales of electric vehicles.

The Iran war has exposed major risks for Southeast Asia that could cost the region billions of dollars, if it does not diversify sources of energy more quickly, according to an International Energy Agency (IEA) report released on Tuesday. An overreliance on oil and gas transported through the Strait of Hormuz left the region particularly vulnerable to shocks from the Iran war, a “stark wake-up call” for its energy security, the report says. It notes that rising sales of electric vehicles, a...