Israel’s military success against Iran undermines one incentive for Saudi normalization and raises concerns about its growing power.

Asia’s dependence on Middle East oil and gas — and its relatively slow shift to clean energy — make it vulnerable to disruptions in shipments through the Strait of Hormuz, a strategic weakness highlighted by the war between Israel and Iran.

Iran sits on the Strait of Hormuz which handles about 20 per cent of shipments of the world’s oil and liquefied natural gas