Mahmoud Ahmadinejad
سپاه پاسداران انقلاب اسلامی
Singapore's premier says markets may take months to stabilize
The Strait of Hormuz remains throttled by the American blockade, causing fuel shortages and supply constraints across Asia.
The global energy and supply chain crisis will continue well beyond the reopening of the Strait of Hormuz, Singapore’s prime minister warned on Friday, saying that markets may take months to stabilize even after tensions ease.
Speaking at a May Day Rally attended by more than 1,600 union leaders and tripartite partners, Lawrence Wong said the ongoing disruption, linked to the closure of the strait and broader geopolitical tensions involving Israel and the US, has created one of the most severe external shocks the world has faced in recent years, said a statement by his office.
"Here in Asia, we are especially affected because of our high dependence on energy and other critical supplies from the Gulf. Some countries in our region are already facing fuel shortages," Wong said.
He cautioned that even if the waterway reopens, a return to normal conditions will not be immediate, and the lack of confidence in American agreements.
He warned that people should prepare for a more difficult period ahead, with pressures likely to intensify.
"So we must brace ourselves — and be prepared for a more difficult period ahead, and I want to be upfront with all of you, so that we are mentally prepared," he said.