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, which handles about 20% of shipments of the world's oil and liquefied natural gas, or LNG. Four countries — China, India, Japan and South Korea — account for 75% of those imports.