Southeast Asia’s leaders confront fallout from Iran war at ASEAN summit
Summary
Southeast Asian leaders met in the Philippines to coordinate a response to the effects of the war involving Iran, which has caused energy prices to rise in the region. At the ASEAN summit, members discussed ways to secure stable energy supplies, improve cooperation, and called for reopening the Strait of Hormuz, a key passage for oil and gas.Key Facts
- The ASEAN summit took place in the Philippines with leaders from 11 Southeast Asian countries.
- The US-Israeli war on Iran has increased energy costs and threatened livelihoods in the region.
- Iran’s shutdown of the Strait of Hormuz blocked much of Southeast Asia’s oil and natural gas supply.
- ASEAN plans to issue a statement calling for the strait to be reopened and for better crisis communication.
- The Philippines wants ASEAN countries to adopt an energy-sharing agreement and create a regional power grid by 2045.
- Several countries in the region have introduced energy-saving measures like price caps and work-from-home policies.
- Petrochemical companies in Indonesia, Thailand, and Singapore declared force majeure because of supply disruptions.
- The joint statement is expected to emphasize international law, national sovereignty, and freedom of navigation, also addressing concerns about China’s claims in the South China Sea.
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