Continued Gulf conflict may force energy hikes, GDP reassessment: DPM Gan

The Strait of Hormuz, a key route for crude oil and LNG shipments, has closed.

The Middle East conflict could affect global energy prices and Singapore’s economy if it continues, Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong said

“Depending on how protracted the conflict is, higher energy prices could lead to higher costs for businesses and consumers,” Gan said in his speech at the MTI Committee of Supply Debate 2026.

The US and Israel launched strikes on Iran, and Iran responded by targeting Israeli and US bases in the region. The Strait of Hormuz, a key route for crude oil and liquefied natural gas shipments, has been closed amidst the tensions.

Gan said that the government is monitoring the situation closely and will reassess the country’s GDP and inflation forecasts if necessary.

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