During a discussion at the Milken Institute's Asia Summit, Balakrishnan acknowledged that while Asian nations are major consumers of oil passing through the Strait of Hormuz, the issue extends beyond mere economic interests. He highlighted the critical importance of maintaining freedom of navigation in international waters, which he described as a non-negotiable principle for Singapore.
Balakrishnan warned that Iran's attempts to control traffic through the Strait could grant it undue influence over maritime trade, potentially giving Tehran a 'veto right' that could be more powerful than a nuclear weapon in terms of leverage. He expressed skepticism about a quick resolution to rising tensions, suggesting that conflicts could escalate in the coming months.
Balakrishnan also reiterated Singapore's stance of neutrality between the U.S. and China, emphasizing the need to protect vital trade routes like the Strait of Malacca without participating in any actions that would restrict navigation