The vulnerabilities of Hormuz and Malacca are fundamentally different – but a closure of the Strait of Malacca would be far worse. From an energy perspective, its importance is even greater: more than one-quarter of global seaborne oil shipments transit Malacca – an even larger share than passes through the Strait of Hormuz. Governing the World’s Busiest WaterwayThe stability of the Strait of Malacca ultimately rests on a delicate balance between regional cooperation and great power competition. As a result, no alternative currently offers the same combination of efficiency, capacity and cost-effectiveness as the Strait of Malacca. Taken together, these partnerships mean that the United States now enjoys formal security relationships with every country controlling access to the Strait of Malacca.