BUSINESSES AND HOUSEHOLDS MUST PLAY THEIR PART<\/p>\n
Mr Wong\u2019s warning comes as the conflict in the Middle East disrupts shipping through the Strait of Hormuz. Oil prices have already surged, rising by more than 60 per cent since the war began, putting pressure on supply chains worldwide.<\/p>\n
Asia, including Singapore, is particularly exposed because a substantial share of energy supplies passing through the Strait of Hormuz is bound for the region.<\/p>\n
While recent diplomatic efforts have been made, the differences between the parties remain wide, said Mr Wong.<\/p>\n
\u201cThe US has indicated that it plans to bring the war to an end soon, even without a negotiated settlement. And if no agreement is reached, it is prepared to intensify military strikes significantly before winding down its campaign,\u201d he said, adding that Singapore hopes these talks succeed.<\/p>\n
However, even if a ceasefire is reached soon, Mr Wong pointed out that damaged infrastructure means supply constraints and elevated prices could persist for months.<\/p>\n
Singapore must also be prepared for further escalation in the coming days and weeks, as additional strikes remain a risk, along with the possibility of other groups joining the fray, opening new fronts and widening the conflict.<\/p>\n
More fundamentally, even after the US eventually ends its military campaign, the geopolitical situation in the Middle East will have been adversely affected, he said.<\/p>\n
\u201cWe are entering a more uncertain and unstable phase, with wide-ranging implications for regional security and global energy flows,\u201d said Mr Wong.<\/p>\n
\u201cIn such an environment, the risk of disruption is significantly higher. More worrying still is the possibility of a prolonged closure of the Strait of Hormuz, as well as other key shipping routes in the region, including the Red Sea.\u201d<\/p>\n
Mr Wong urged businesses and households to play their part by conserving energy and reducing unnecessary consumption and waste, stressing that national resilience depends not just on government action but also collective effort.<\/p>\n
\u201cFor businesses, this means reviewing operations and improving energy efficiency. For households, it means being mindful of daily energy use,\u201d said Mr Wong.<\/p>\n
\u201cThese may seem like small steps, but taken together, they make a real difference. The government will support you. But our collective response will be far stronger if each of us plays our part too.\u201d<\/p>\n
He added that while Singapore cannot avoid the impact of global upheavals, it has the plans and capabilities to navigate this, as it has done in past shocks such as the Asian financial crisis and the COVID-19 pandemic.<\/p>\n
\u201cWe have built strong foundations \u2013 sound finances, diversified supply chains, a strong tripartite partnership, and a cohesive society. These are not abstract strengths. They are what will carry us through,\u201d he said.<\/p>\n
\u201cSo let us stay disciplined and focused, and keep faith with one another.<\/p>\n
\u201cWhatever comes our way, we will face it, as one people, one nation. And we will get through this \u2013 together.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"BUSINESSES AND HOUSEHOLDS MUST PLAY THEIR PART Mr Wong\u2019s warning comes as the conflict in the Middle East…\n","protected":false},"author":2,"featured_media":580876,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[64,63,99,164,31994,12241,258948],"class_list":{"0":"post-580875","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-au","9":"tag-australia","10":"tag-business","11":"tag-economy","12":"tag-lawrence-wong","13":"tag-middle-east","14":"tag-middle-east-conflict"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/580875","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=580875"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/580875\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/580876"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=580875"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=580875"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=580875"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}