Singapore wary of treating navigational rights in global straits as paid privileges: Shanmugam

13/04/2026 2 Views

Developments in the Strait of Hormuz also mean trouble for the world’s supply of seaborne oil and gas.

“Iran has now significantly disrupted that supply. There is a global market in oil. So when prices rise in one place due to supply shortages, prices will rise everywhere because people will want to sell to the person who pays the most,” he said.

He added that there are no signs that Iran will stop its effective closure of the strait.

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