Asia confronts energy crisis from Iran war with no end in sight

Donald Trump has sought to reassure the world that the economic impact of his war on Iran can be contained, pointing to claims that the closed waterway might reopen, sanctions on “some countries” will be lifted and that the conflict could end soon. The release of hundreds of millions of barrels from government reserves briefly calmed markets: oil surged to four‑year highs, fell below $100 a barrel and then rose again.

The war, however, continues. Several merchant ships have been struck in and around the strait of Hormuz, and Iran’s Revolutionary Guards have declared they will not allow “one litre of oil” to be exported from the Middle East if US and Israeli attacks continue.

Asia is the world’s top crude‑importing region and is heavily exposed. In 2025 the continent relied on the Middle East for 59% of its crude imports, Kpler data show. The strait of Hormuz — through which about a fifth of the world’s oil and many seaborne gas tankers typically pass — remains all but closed, and some regional producers are cutting output.

Iran, Asia

iran war, hormuz strait, oil prices, crude imports, asia energy, strategic reserves, revolutionary guards, merchant ships, middle east, kpler data