Wednesday, 7 October 2026

India's economy took a serious hit when the Strait of Hormuz was closed, according to The Wire, which noted the closure could have been foreseen given the country's heavy reliance on imported energy.

The Wire described India as dependent on energy imports to the extent of 85% or higher. On that basis, the piece framed the closure as a strategic blind spot rather than an unforeseeable event.

The chokepoint carries exposure beyond crude and gas. According to Energy and Capital, at least half of the world's seaborne sulphur trade passes through the Strait of Hormuz, much of it a byproduct of refining Gulf oil and gas.

That sulphur feeds a wider supply chain. Energy and Capital reported that sulphur is processed into sulphuric acid, and that roughly one-fifth of the world's copper supply relies on that acid to leach metal out of ore.

The American Petroleum Institute (API) is urging Congress to advance a bipartisan Senate permitting reform package aimed at speeding federal reviews and cutting delays for U.S. energy and infrastructure projects.

The Bipartisan American Affordability and Jobs Act of 2026 was introduced on Sept. 30 by Senators Shelley Moore Capito, Mike Lee, Sheldon Whitehouse and Martin Heinrich. The bill would set timelines for federal reviews, change requirements governing legal challenges, and provide greater certainty for projects that have already received permits.

The proposal drew a mixed response. The Solar Energy Industries Association (SEIA) welcomed the measure. The Sierra Club expressed concern that the bill could expedite additional oil and gas infrastructure projects under the current U.S. administration.

A South Korean oil tanker has become the third vessel to pass through the Suez Canal carrying crude oil to South Korea since the blockade of the Strait of Hormuz, according to Chosun.

The ministry said the tanker had safely navigated the Suez Canal and was en route to Korea as of 10 a.m. that day, according to Business Korea.

The vessel is the 18th to transport crude oil to South Korea via the Red Sea since the Hormuz blockade, Business Korea reported.

Tankers began using the northern Suez Canal route after conflict between Saudi Arabia and Iran-backed Houthi rebels raised the danger in the Bab el-Mandeb Strait, according to Business Korea.

Ireland's ministers will direct a EUR 8.5 billion budget package toward softening the effect of inflation at a three-year high, including help for households struggling with energy bills, according to MarketScreener. The USD 9.53 billion package also funds lower childcare costs, higher welfare payments, and income-tax reductions.

The plan pairs energy-cost relief with an effort to slow spending growth, a trade-off set against broader European fiscal constraints.

Fuel excise duty cuts have already been extended.

Simon Harris and Public Expenditure Minister Jack Chambers committed to holding spending increases below 6% next year, down from an average near 10% across 2022 to 2025, with this year's budget-day measures expected to be leaner than last year's.