The war between the United States and Israel against Iran has generated a global energy crisis that already affects countries worldwide. The effective closure of the Strait of Hormuz, through which approximately 20% of the world's oil circulated, has caused crude oil prices to exceed 100 dollars per barrel, with peaks of up to 119 dollars.
This Tuesday, the European Union has asked its governments to prepare for a "long disruption" of the energy markets, according to what the bloc's Energy Commissioner, Dan Jorgensen, has conveyed to the Twenty-Seven ahead of an emergency meeting.
Europe's strong dependence on imported fuel translates into a strong exposure to the impact of the conflict on global prices, with gas soaring more than 70% since the start of the war.
The International Energy Agency (IEA) has recommended avoiding air travel and using public transport whenever possible. For its part, the International Road Transport Union (IRU) has asked Brussels to act quickly, warning that the disruption of diesel would affect logistics chains, deliveries and trade.
However, the impact is felt especially in Asia, where almost the 90% of the oil and gas that crosses the strait is destined for the region.
Philippines declares energy emergency
The Philippine president, Ferdinand Marcos, has declared a state of "national energy emergency" for one year, due to the critical fuel shortage and the increase in gas prices.
The measure authorizes the Department of Energy to act against speculation, make advance payments to secure fuel contracts, and coordinate subsidies in public transport. The nation has only 45 days of fuel supply, and it is planned to acquire 1 million additional barrels.
In addition, the government grants economic aid to public transport workers and mototaxis to face the price increase and promotes the use of coal-fired thermoelectric plants to keep electricity costs under control.
India prioritizes LPG
India, heavily dependent on imported LPG from the Gulf, has seen imports halved in March. The ceramic industry in Gujarat has halted operations due to lack of gas, affecting 400,000 workers.
In Mumbai, around a fifth of hotels and restaurants operate in a limited manner, and citizens form long queues to obtain gas cylinders. To guarantee fuel supply, India has resumed the purchase of Russian oil after having suspended imports from its former ally following US sanctions against Moscow's largest oil producers.
Vietnam studies to cut taxes and incentivizes telework
In Vietnam, the Government has urged companies to allow their employees to work from home to reduce the need for transportation. Likewise, it is studying eliminating some taxes on gasoline and diesel until mid-April, achieving a reduction of 20% in the price of fuel.
Despite this, the population and industries face higher costs. In Dong Nai, spice and nut export factories see a 60% increase in operating costs, while in Hanoi businesses must pass on the additional costs to customers.
Thailand promotes energy saving
For its part, the government of Thailand has asked the population to adjust air conditioning to 25–26 °C, work from home and use public transport. Some media workers have set an example by taking off their suits as a sign of energy saving.
The prime minister Anutin Charnvirakul has already announced an agreement with Iran to allow the passage of its oil tankers through the Strait of Hormuz, but has urged to continue saving fuel.
Sri Lanka sets Wednesday as a holiday
And to make that energy saving effective, Sri Lanka has declared Wednesday as a holiday for most workers and students, also implementing a rationing system: motorists have a weekly refueling limit and public transport receives priority in fuel.
South Korea launches a campaign of saving
In South Korea, the government has promoted domestic energy saving: shorter showers, use of appliances only on weekends, and control of plastic consumption. Despite concern about possible price increases, daily life has barely changed, although there is a latent concern about the escalation of costs.
Pakistan and Bangladesh close factories and schools
Pakistan has asked the population to reduce travel and has decided to close schools for two weeks, increase the price of high-octane fuel by 60% and introduce a levy that will generate 9 billion rupees per month.
The country's cricket league is played behind closed doors, affecting social and cultural life.
And in Bangladesh, electricity rationing and early holidays have been implemented during Ramadan to reduce pressure on textile factories, which largely depend on imported energy.
Egypt limits hours and promotes telework
Egypt has decreed closure of shops and shopping centers at 9:00 p.m., turning off billboards and public lighting, and is evaluating work from home one or two days a week.
And with only 21 days of fuel in reserves, Kenya is experiencing rationing in rural areas, and supplies are rapidly running out.
China halts increase of fuel prices
For its part, China is trying to cut fuel price increases that had been planned after gas station prices rose by 20% since the start of the conflict.
The government seeks to mitigate the impact on households and businesses, ensuring that the population can face the situation without price increases translating into excessive pressure on the domestic economy.
United Kingdom and United States
In United Kingdom, although the Government assures it has diversified and sufficient supplies, consumers could notice increases in fuel prices. Michael Shanks, Minister of Energy, has already conveyed that the Executive will do everything possible to protect citizens and maintain price stability.
And in United States, gasoline prices have risen almost 30% since the start of the conflict, reaching an average of 3.84 dollars per gallon, while diesel exceeds 5 dollars per gallon, levels not seen since 2022.
The Secretary of Energy, Chris Wright, has warned that there is no guarantee that prices will fall in the coming weeks, despite President Donald Trump's commitments to try to curb Iranian attacks on oil tankers in the Strait of Hormuz.