The effective closure of the Strait of Hormuz after the US and Israel began their war with Iran in late February has sent shockwaves across the globe. Oil prices have soared and stock markets have wobbled as the world waits to see when Iran will allow the key waterway - through which about 20% of all oil passes - to reopen. At the moment, only a handful of ships make it through the strait each day. Meanwhile, the attacks on energy infrastructure in the region have only served to push prices higher.
Arguably, nowhere has felt it more than Asia: nearly 90% of the oil and gas passing through the strait is bound for Asian countries. The strain is already being felt. Governments have ordered employees to work from home, cut the working week, declared national holidays, and closed universities early in order to conserve their supplies. Even China - which is thought to have reserves equivalent to three months of imports - is making adjustments, limiting a fuel price hike as citizens are faced with a 20% jump in price.
The war may be thousands of miles away, but people across Asia have been telling the BBC about the very real, everyday impact it is having on their lives. In the Philippines, a national emergency has been declared as the country grapples with rising fuel prices affecting jeepney drivers, while in Thailand, government directives are urging energy conservation measures. Sri Lanka faces a paradox where now it has money but finds fuel unavailable, and Myanmar is pushing for alternate day vehicle use policies due to fuel scarcity.
In India, critical supplies needed for industries, particularly in Gujarat, are being affected, and the hospitality sector in cities like Mumbai is facing disruptions as many hotels shut down. With no end in sight to the conflict in Iran, the crisis continues to evolve, underscoring how interconnected the global economy is and how political conflicts far from home can drastically alter the fabric of everyday life.
Arguably, nowhere has felt it more than Asia: nearly 90% of the oil and gas passing through the strait is bound for Asian countries. The strain is already being felt. Governments have ordered employees to work from home, cut the working week, declared national holidays, and closed universities early in order to conserve their supplies. Even China - which is thought to have reserves equivalent to three months of imports - is making adjustments, limiting a fuel price hike as citizens are faced with a 20% jump in price.
The war may be thousands of miles away, but people across Asia have been telling the BBC about the very real, everyday impact it is having on their lives. In the Philippines, a national emergency has been declared as the country grapples with rising fuel prices affecting jeepney drivers, while in Thailand, government directives are urging energy conservation measures. Sri Lanka faces a paradox where now it has money but finds fuel unavailable, and Myanmar is pushing for alternate day vehicle use policies due to fuel scarcity.
In India, critical supplies needed for industries, particularly in Gujarat, are being affected, and the hospitality sector in cities like Mumbai is facing disruptions as many hotels shut down. With no end in sight to the conflict in Iran, the crisis continues to evolve, underscoring how interconnected the global economy is and how political conflicts far from home can drastically alter the fabric of everyday life.
