The conflict around the Strait of Hormuz is creating an energy crisis in Asia, with shortages impacting countries reliant on Middle Eastern oil.
India, importing 90% of its crude and 50% of its natural gas, is especially vulnerable. Prime Minister Modi stressed the importance of keeping the Strait of Hormuz open in a call with President Trump.
Japan, importing over 90% of its oil, is tapping strategic reserves. South Korea is considering similar measures and emergency support.
The Philippines declared a national energy emergency, importing 98% of its oil from the Gulf. Other countries are turning to coal and firewood to offset gas needs.
Reliance Industries in India reportedly bought 5 million barrels of Iranian oil after the U.S. temporarily lifted sanctions.
The energy crisis is disrupting sectors from air travel to shipping, impacting households and businesses.
Japan and South Korea are accelerating nuclear energy plans, while some countries release domestic reserves and loosen fuel standards.
The conflict’s impact includes rising ingredient prices, increased operation costs, and spooked consumers, affecting the continent’s food supply.
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