India, March 11 -- As the war in West Asia continues, the global economy is getting as badly hit as people in the war zone. The biggest reason for this is energy shipments from the critical chokepoint of the Strait of Hormuz coming to a virtual halt because of the ongoing hostilities. To be sure, not everyone is, or more importantly, will suffer equally if the conflict is prolonged. This is because the Strait of Hormuz is a more important chokepoint for energy supplies to Asia than to North America or Europe. Major Asian countries had no say whatsoever in starting the war. This asymmetry is perhaps the most important lesson from the ongoing oil shock.

Published by HT Digital Content Services with permission from Hindustan Times....