Strait of Hormuz Crisis: A Tide of Economic and Energy Instability

The Strait of Hormuz disruptions amid the West Asia war have led to significant economic and energy instability, affecting global resources like critical minerals and data. Indian Navy chief Admiral D K Tripathi highlights increasing security threats including piracy and narco-trafficking in the Indian Ocean Region.

The Strait of Hormuz disruptions have caused severe economic and energy instability in the region, according to Indian Navy chief Admiral D K Tripathi, who spoke on Thursday amid the ongoing conflict in West Asia. The admiral addressed this issue during an event where the offshore patrol vessel, INS Sunayna, embarked from Mumbai as the Indian Ocean Ship (IOS) Sagar.

Tripathi emphasized that competition at sea has transcended oil and energy, shifting focus to future growth resources such as rare earth elements, critical minerals, new fishing grounds, and even data. The crisis in West Asia began on February 28 following a joint attack by the US and Israel on Iran, resulting in disruptive Iranian counterstrikes and control over the Strait of Hormuz, which has significantly impacted global energy supplies.

He also noted a rise in marine surveys, deep-sea research, and illegal fishing activities, infringing on the sovereign rights of regional nations. Further complicating the security landscape, piracy, armed robbery, and narco-trafficking have intensified due to unregulated access to advanced technology by non-state actors. Last year, the Indian Ocean Region experienced 3,700 maritime incidents, and narcotics seizures in the region topped USD 1 billion.