An energy shock is increasing risks and complexities in Asia-Pacific, especially with its heavy dependence on Middle East imports and close regional linkages, S&P Global Ratings said in a recent release.

Diverging energy situations in the region points to more complex overall conditions, S&P head of credit research for Asia-Pacific Eunice Tan said.

The Middle East accounts for about 40% of the region's energy imports, while about 90% of the crude oil passing through the Strait of Hormuz is channeled to Asia, Tan said.

Other economies in the region also rely on a small number of geographically concentrated suppliers, which increases disruption risks, S&P said.

The economic impact could "compound exponentially" under prolonged conflict and declining reserves, hitting manufacturing and amplifying inflationary pressures, the rating agency said.

The region is generally less dependent on liquefied natural gas from Qatar, except for mainland China, India, and Taiwan, S&P said.