The Strait of Hormuz, effectively closed in early March after the US and Israel began their war on Iran, rattled global markets. This vital passage, responsible for transporting about 20% of the world's oil, now sees only limited traffic. Attacks on energy infrastructure in the region have pushed oil prices higher and caused stock markets to tumble.
Asia has been hit hardest. Almost 90% of the oil and gas moving through the strait is headed there, leaving many countries exposed. Developing nations in Asia, Africa, and the Gulf, heavily dependent on imports, are struggling to cope with rising costs.
Countries Facing The Heat
China
The Chinese government is limiting fuel price increases as citizens face a roughly 20% jump in prices.
India
India is facing fuel shortages across industries and households. Gas scarcity has forced the ceramics sector to halt production. Long queues at LPG stations have been reported, and many hotels and restaurants have partially or fully shut, cutting menu options to manage limited supplies.
Also Read | India Speeds Up Oil, LPG Import Deals Amid Middle East Supply Shock
Pakistan
Pakistan, which imports about 80% of its energy from the Middle East, faces a shrinking fuel supply. Schools are closed, government offices run a four-day work week, and public employees work partly from home. The government has temporarily frozen petrol and diesel prices despite earlier hikes.
Philippines
The Philippines has declared a national energy emergency. President Ferdinand Marcos Jr warned of a “critically low energy supply” but said oil flow is expected to stabilise. The country relies entirely on West Asia for its energy imports.
Bangladesh
This country faces a severe shortfall, with petrol pumps in some districts already running dry. Nearly all of the nation's oil is imported.
Sri Lanka
Still recovering from a prolonged economic crisis, Sri Lanka is introducing public holidays, mandatory fuel passes, and turning off street and neon lights to conserve energy.
Thailand
In Bangkok, veteran news presenter Sirima Songklin removed her blazer on live TV to promote energy conservation amid the fuel crisis. The government has asked citizens to keep air conditioning at 26-27 degrees Celsius, encouraged work-from-home arrangements, and directed public agencies to reduce electricity use.
Also Read | Iran Says Hormuz Strait "Closed Only To Enemies"
Vietnam
The Vietnamese government has asked businesses to encourage work-from-home arrangements and reduce travel to conserve fuel. Commuters are limiting car trips, and some factories have scaled back production.
Myanmar
Dealing with civil unrest since 2021, Myanmar has implemented alternate-day travel for private vehicles to conserve fuel.
Egypt
Egypt, one of the largest energy importers in the region, has cut public lighting, restricted business hours, and raised fuel prices by up to 22% to cope with soaring costs.
Other countries under significant strain include Jordan, Angola, Ethiopia, Senegal, and Zambia, all facing high import dependence, limited reserves, and mounting public debt.
