May 16: Impact of US-Iran War on International Economy, Financial Markets, and People's Livelihoods

The United Arab Emirates will accelerate the construction of a new oil pipeline bypassing the Strait of Hormuz, which is expected to be operational next year. The first liquefied natural gas (LNG) transport ship to pass through the Strait of Hormuz after it was effectively blockaded is scheduled to arrive in Japan next week. ●UAE accelerates construction of new oil pipeline to bypass Strait of Hormuz. The Abu Dhabi Media Office stated that the 'West-East Pipeline' project will allow the state-owned Abu Dhabi National Oil Company (ADNOC) to double its capacity through Fujairah port and is expected to be operational next year. Reports indicate that Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan has 'instructed ADNOC to accelerate the completion of this project.' ●LNG ship passing through Strait of Hormuz to arrive in Japan, the first since the escalation of Middle East tensions. The 'Mraweh,' owned by ADNOC, is expected to arrive at Futtsu Port, Chiba Prefecture, on the 18th. It will be the first LNG transport ship to pass through the Strait of Hormuz and arrive in Japan since the US and Israel launched a joint attack on Iran at the end of February. Several LNG transport ships passed through the Strait of Hormuz between late April and early May, and it is known that four LNG transport ships have passed through this waterway with cargo. The arrival of the Mraweh in Japan means a limited restart of transport, but due to continued supply uncertainty, Japan is rushing to diversify its procurement sources. ●Trump: Patience with Iran is wearing thin; China agrees that the Strait of Hormuz must be opened. US President Trump, ending his trip to Beijing, stated that his patience with Iran is gradually wearing thin, and during his talks with Chinese President Xi Jinping in Beijing, the other side agreed that Tehran must reopen the Strait of Hormuz. However, Trump's remarks on Air Force One on his return trip from China barely revealed whether Beijing might leverage its influence on Tehran to help resolve this conflict. ●Responding to Modi's call for energy conservation, Delhi government implements working from home two days a week. Indian Delhi Chief Minister Rekha Gupta took the lead in responding to Prime Minister Narendra Modi's policy of restarting working from home to cope with the global energy supply shortage. The measures proposed by Gupta are mostly led by Delhi government employees, hoping to achieve the goal of reducing fuel consumption. In addition to working from home two days a week, she also requested to take the subway as much as possible to reduce the frequency of car use. If employees can increase the use of public transport by 25% during commuting, the transport subsidy will be increased by 10%.