During the ASEAN Summit currently being held in Cebu, Philippines, ASEAN leaders expressed deep concern regarding the closure of the Strait of Hormuz resulting from the conflict between the United States and Iran. This disruption not only impacts global oil price stability but is also becoming a severe threat to regional food security.
According to Ferdinand Marcos Jr., President of the Philippines and current ASEAN Chair, this strait is a vital economic artery, carrying approximately one-third of the world’s agricultural fertilizer supply.