New Delhi, May 2 -- For over a month, following coordinated U.S.-Israel strikes on Iran, Tehran has imposed intermittent restrictions on maritime traffic through the Strait of Hormuz in response to these attacks, disrupting the global energy market. Accounting for nearly a fifth of global oil and Liquefied Natural Gas (LNG) flows, even limited constraints on the strait have been enough to unsettle markets, push up prices, and strain supply chains worldwide. The episode has exposed the fragility of global energy flows and, more importantly, has begun to reshape regional perceptions of reliability.

For smaller South Asian countries, the implications are severe and immediate. These economies depend heavily on Gulf-based hydrocarbon imports ...