Asia faces an energy shock from the Iran war and a closed Strait of Hormuz, as governments halt exports and draw down stockpiles

Asia’s biggest economies are bracing for fuel shortages and higher prices after Iran shut the Strait of Hormuz, a key artery for oil and gas shipments from the Middle East. 

“Asian countries are particularly reliant on oil and gas from the Gulf region,” Sung Jinseok, a researcher at the National University of Singapore’s Energy Studies Institute, told Fortune. The region is the world’s fastest‑growing importer of oil, while production remains low due to depleting fields and limited new discoveries.