The Strait of Hormuz crisis threatened Asia’s oil and gas lifeline. Here’s how the region is rewriting its energy playbook

“Notwithstanding the rise of alternative and green technologies over the past decade, the global economy is still very reliant on oil and gas."

Treasure Secretary Scott Bessent said oil pipelines will make Strait of Hormuz irrelevant in two years. Energy experts say that is unlikely to happen.

Iran and Oman have held talks for several weeks about controlling the traffic through the Strait of Hormuz.

Iran and Oman have reached agreement on their share of the Strait of Hormuz and its revenues, but the vital waterway will not be reopened if the US does not accept their conditions, Iran’s Revolutionary Guards said on Wednesday. Iran and Oman have held on-and-off talks for weeks ‌about controlling traffic through the s

European countries have spent unforeseen billions of euros on fossil fuel imports due to the drastic surge in prices that followed the war against Iran. Meanwhile, European and international groups are urging Ursula von der Leyen to set out a plan to phase out fossil fuels.

The plan is part of a new energy strategy that's aimed at strengthening supply security, according to documents from Japan's Cabinet Office.

EnergyGovernment aims to diversify oil import routes to bolster energy securityPrime Minister Sanae Takaichi will announce a strategy to circumvent the blocked Strait of Hormuz at the Green Transformation Implementation Council meeting this Wednesday. (Nikkei montage/Source photo by Reuters)Nikkei staff writersAugust 2