The entire globe has been affected by the US–Israel war on Iran. Disruptions in the Strait of Hormuz have impacted the global supply of petroleum products. Around 20 percent of the world’s oil supply passes through this strategic route, and any disruption has led to shortages in the global market, driving up prices and affecting all sectors of the economy. As a result, both global markets and the world economy have been adversely affected by the rise in petroleum prices.
The joint US–Israel attack on Iran is seen by some as a strategic mistake, as it may have underestimated Iran’s strength. This development is also interpreted by critics as a sign of declining American supremacy. The United States appears to be losing its stronghold in the Gulf region, while mistrust between the European Union and the US has grown. The cohesion of the NATO alliance has also come under strain.
At the same time, recent developments have brought China, Russia, North Korea, and Iran closer together. This suggests a weakening of US unipolar dominance and points toward the emergence of a multipolar world order. Meanwhile, the rise of the Global South, along with groupings such as BRICS, indicates the growing influence of alternative power centers.
Against this backdrop, a small country like Nepal must closely monitor global geopolitical developments and maintain balanced and constructive relations with its two powerful neighbors, India and China. Nepal should avoid any actions that could make its neighbors suspicious. Entering into military arrangements with the United States under its Indo-Pacific strategy could prove counterproductive. Similarly, increased activities by foreign actors, including NGOs, may raise concerns about Nepal’s sovereignty if not handled carefully.
Rumors about allowing foreign involvement in uranium exploration in Lomathang, near the Nepal–China border in Mustang, could negatively affect Nepal–China relations. In conclusion, Nepal should uphold the “One China Policy” in both words and actions.
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