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Developments in the Strait of Hormuz also mean trouble for the world\u2019s supply of seaborne oil and gas.\u00a0<\/span><\/p>\n \u201cIran 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,\u201d he said.<\/span><\/p>\n He added that there are no signs that Iran will stop its effective closure of the strait.\u00a0<\/span><\/p>\n Iran has also said that if there is any permanent peace agreement, it must be allowed to impose transit fees on all ships passing through the waterway.<\/span><\/p>\n \u201cAll these have significant consequences for Singapore,\u201d he said.<\/span><\/p>\n \u201cWe are a small and very open economy. We import nearly all our energy. Fuel and electricity costs will go up, because everything depends on fuel and energy, and therefore pretty much everything will be affected. But at least the lights are on.<\/span><\/p>\n \u201cYou have seen in other countries, some other countries, rationing has started. We do not know how long these disruptions will last,\u201d he said.<\/span><\/p>\n