TAIWAN PERSPECTIVE

Taipei experienced one of the year's most euphoric market sessions. The Taipei Times documents a surge in Taiwan stocks driven by ceasefire optimism—a reaction revealing how deeply the island's economy connects to global oil flows. Taiwan, which imports nearly all its energy and whose semiconductor industry is its beating heart, sees Hormuz reopening as a relief: lower oil prices mean reduced production costs for TSMC and peers. But stock euphoria masks structural vulnerability: Taiwan remains hostage to any route disruption, and the two-week ceasefire is merely a reprieve. Taiwan's coverage is the panel's most optimistic, reflecting relief from an economy that suffered weeks of prohibitive energy costs. The blind spot is geopolitical: Taipei doesn't draw the parallel between Iran's ability to close Hormuz and China's ability to blockade the Taiwan Strait—an obvious connection.