Asia scrambles to confront energy crisis unleashed by Iran war – with no end in sight

AI Summary

The ongoing US-Iran war has triggered an energy crisis across Asia, the world's largest crude oil importing region, as a key global waterway remains effectively shut for nearly two weeks. Countries are implementing emergency measures such as fuel caps and reduced work weeks to manage supply shortages. Donald Trump has sought to reassure global markets while the conflict shows no immediate signs of resolution.

From fuel caps to four-day work weeks, the Middle East conflict has left the world’s top crude oil importing region desperate to shore up supplies Donald Trump has scrambled in recent days to reassure the world that the economic impact of his war on Iran can be contained. Sure, one of the most important waterways in global trade has, in effect, been shut for almost two weeks – but it might reopen before long. In the meantime, US oil-related sanctions on “some countries” will be lifted. And besides, the entire conflict could be over soon. Continue reading...