Coverage of Iran war
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Southeast Asia suffers trade fallout as Iran war reaches one month
Japan, India, South Korea, China along with a host of other nations are experiencing disruption to their trade from the month-long war in Iran, because of commodity shortages, according to our analysis.
Crude Oil and LNG are the main commodities impacted from the conflict in the region.
Further analysis can reveal that 64% of all crude oil exports and 96% of all LPG exports in the month of the war are currently trapped in the Strait of Hormuz, and were scheduled to head to the following nations:
- India
- China
- Thailand
- Indonesia
- Japan
- South Korea
- Singapore
- Taiwan
Read more of our analysis on the impact across Southeast Asia
$12 billion of aircraft at risk after drone attack at Dubai Airport
119 aircraft with an estimated market value of $12 billion were at risk after Dubai airport was targeted by a drone attack on Monday, according to our analysis.
The news comes as British Airways have cancelled all flights to Dubai until at least June, making it the first major airline to do so.
British Airways, along with Emirates, mainly operate most of the flights from Heathrow to Dubai:
- Emirates – 4,476 flights
- British Airways – 2,168 flights
Read our analysis of British Airways’ decision.
Not the first time that tensions have been high in the Strait of Hormuz
This is not the first time that has been there have been tensions in the Strait of Hormuz.
Back in 2019, there were tensions between UK and Iran after a UK tanker was stopped in the Strait of Hormuz by boats from the Islamic Revolutionary Guard. Our analysis at the time suggested that such an event would have generated a $3.1 billion hit to the UK economy.
$315 million of cargo hit by attacks
The following vessels were struck by Iranian missiles that were carrying a combined $315 million of cargo according to our analysis:
- Safesea Vishnu
- Zefyros
- Mayuree Naree
- One Majesty
- Star Gwyneth
Countries Most Exposed from Conflict
Our forecasts of Q1 trade in 2026 shows the following countries most exposed:
- Trade through Strait of Hormuz in Q1 2026 is estimated to be $167 billion.
- 70% of trade is to China, India, South Korea & Japan.
- 87% of trade is from UAE, Iraq, Kuwait, Qatar & Saudi Arabia.
23% of global crude oil is through Strait of Hormuz
The Strait of Hormuz is a key artery for supplying crude oil according to our analysis:
- Annual Crude Oil Trade: $407 billion.
- 23% of all global crude oil trade is through the Strait of Hormuz.
$3.5 billion liability for key sectors
The approximate liability for companies across the region is as follows:
- Finance, Insurance and Real Estate Insurance Liabilities: $1.9 billion.*
- Manufacturing Insurance Liabilities: $1.6 billion.*
*Figures are indicative estimates based on sector-level revenue benchmarking and do not represent projected insurer balance sheet liabilities.
Further impact on Marine & Aviation can be found here