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ASEAN proposes oil-sharing as US-Iran war endangers Hormuz

7/21/2026

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Summary

Story summary

On July 21 2026, ASEAN foreign ministers met in Manila, with U.S. Secretary of State Marco Rubio and Chinese Foreign Minister Wang Yi attending as the United States and Iran resumed conflict.
The ministers warned the war threatens energy flow through the Strait of Hormuz, which carries about 20 % of global oil.
They proposed an oil-sharing mechanism to offset the Strait’s closure impact on Southeast Asia’s combined GDP of $3.8 trillion.

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Story summary

On July 21 2026, ASEAN foreign ministers met in Manila, with U.S. Secretary of State Marco Rubio and Chinese Foreign Minister Wang Yi attending as the United States and Iran resumed conflict.
The ministers warned the war threatens energy flow through the Strait of Hormuz, which carries about 20 % of global oil.
They proposed an oil-sharing mechanism to offset the Strait’s closure impact on Southeast Asia’s combined GDP of $3.8 trillion.