The war is a huge concern for multiple countries all across Asia \u2013 from Bangladesh, India, China, Thailand, Japan, Korea, the Philippines and more \u2013 because oil and gas prices have soared, and there is no indication yet on how long Iran\u2019s blockade on tanker traffic in the Strait of Hormuz will last.<\/p>\n
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ALSO SEE:\u00a0China Beats US Again in Global Patent Race, Huawei Keeps its Lead<\/a><\/p>\n \u00a0<\/p>\n Tehran had little hesitation in appointing Mojtaba Khamenei, son of the former hardline cleric Ali Khamenei, as the new Supreme Leader to replace his father. Indeed, it marked his appointment with another barrage of missiles against Israel and the Gulf states on Monday, according to AFP.<\/p>\n World oil prices continued to rise as Iran entered its new era \u2013 and the conflict its 10th day, while Saudi Arabia battled drones targeting its oilfields and Bahrain\u2019s state energy company warned after a missile strike that it may be unable to fulfil export contracts.<\/p>\n \u00a0<\/p>\n Focus on alleviating energy crisis<\/p>\n So, the US, its allies and governments all over Asia have been focused on finding ways to mitigate the economic impacts.<\/p>\n Finance ministers from the G7 group of wealthy nations were due to meet on the crisis later today and, according to media reports, set to discuss releasing 300-400 million barrels of oil from strategic reserves<\/a> to dampen the pressure on energy prices and protect the world economy.<\/p>\n The United Arab Emirates and Kuwait also reported new attacks, and Asian economic officials have reacted quickly.<\/p>\n The Japanese and South Korean stock markets closed down by more than 5%, while motorists in the Philippines queued to fill their tanks and Vietnam prepared to scrap tariffs on fuel imports. (For more details on responses from Asian governments, see below).<\/p>\n European markets also opened sharply down, and gas prices on the continent soared 30%. Since the start of the war, the benchmark oil contract WTI has risen more than 75% and Brent more than 60%.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n \u2018Force majeure\u2019<\/p>\n Following strikes on Bahrain\u2019s sprawling Al Ma\u2019ameer oil facility that ignited a fire and material damage, the country\u2019s state-owned energy company Bapco joined its counterparts in Qatar and Kuwait in declaring \u201cforce majeure\u201d \u2013 a warning that events beyond its control may lead it to miss export targets.<\/p>\n The war came just weeks after Iranian authorities under Ayatollah Ali Khamenei crushed nationwide protests against the government, killing many thousands according to rights groups. Some outlets, such as The Guardian, have said more than 30,000 people could have been killed<\/a>.<\/p>\n The younger Khamenei, appointed to replace the cleric who led Iran for nearly four decades and who was killed in the first wave of US-Israeli strikes, is considered a fellow hardliner who will pursue his father\u2019s rejection of dissent, AFP said.<\/p>\n US President Donald Trump had previously dismissed Mojtaba Khamenei as a \u201clightweight\u201d, and insisted again on Sunday, on ABC News, before the announcement that: \u201cIf he doesn\u2019t get approval from us, he\u2019s not going to last long.\u201d<\/p>\n After similar threats from Israel, a Chinese foreign ministry spokesman warned that Beijing opposes targeting leaders and insists \u201cIran\u2019s sovereignty, security, and territorial integrity should be respected.\u201d<\/p>\n \u00a0<\/p>\n \u2018Small price to pay\u2019<\/p>\n Trump has dismissed the oil price spike, a politically sensitive issue in the United States, as a \u201csmall price to pay\u201d for removing the alleged threat of Iran\u2019s nuclear programme.<\/p>\n In a sign that the United States does not expect a quick end to the war, the State Department ordered non-emergency staff to leave Saudi Arabia, days after a drone hit the US embassy.<\/p>\n As questions swirl over the length and goals of the war, Trump told the \u2018Times of Israel\u2019 that any decision on when to end hostilities will be a joint one with Israel\u2019s Prime Minister Benjamin Netanyahu.<\/p>\n \u201cI think it\u2019s mutual\u2026 a little bit. We\u2019ve been talking. I\u2019ll make a decision at the right time, but everything\u2019s going to be taken into account,\u201d Trump said.<\/p>\n Few expect major changes in Iran\u2019s stance under the younger Khamenei, a trained cleric close to Iran\u2019s powerful Islamic Revolutionary Guard Corps.<\/p>\n The Guards quickly pledged support for the new leader, who comes into the role with far less experience than his father, saying they were \u201cready for complete obedience and self-sacrifice in carrying out the divine commands\u201d.<\/p>\n Iran\u2019s allies and proxies also rushed to express support, with the powerful Badr organisation in Iraq saying the new leadership represents \u201cblessed continuity of the path of the Islamic revolution\u201d.<\/p>\n \u00a0<\/p>\n Clashes in Lebanon<\/p>\n The multi-front war also intensified in Lebanon. Iran-backed militants Hezbollah said they were engaging Israeli forces who landed in eastern Lebanon on 15 helicopters across the Syrian border and a new powerful strike hit the southern districts of Beirut.<\/p>\n Lebanon\u2019s state-run National News Agency earlier reported \u201cfierce clashes\u201d around the town of Nabi Sheet, where an Israeli operation over the weekend killed 41 people.\u00a0Lebanon\u2019s health minister said Israeli strikes have killed at least 394 people since the start of the war, including 83 children and 42 women.<\/p>\n Iran\u2019s health ministry said Sunday that at least 1,200 civilians had been killed and around 10,000 wounded \u2013 figures AFP could not independently verify.<\/p>\n In Israel, Iranian missile attacks have killed 10 people, while two soldiers had died in Lebanon, authorities said.<\/p>\n \u00a0<\/p>\n ASIAN ECONOMIES MOVE TO LIMIT IMPACTS<\/p>\n Faced with soaring prices and disruptions to their oil and gas supplies, Asian countries dependent on fossil fuels from the Gulf have moved to protect their domestic markets.<\/p>\n In South Korea, which is the world\u2019s eighth-largest consumer of crude oil, President Lee Jae Myung said the country was moving toward instituting fuel price caps to alleviate pressure<\/a> on energy supplies.<\/p>\n \u201cWe should swiftly introduce and decisively implement a price ceiling system for petroleum products that have recently seen excessive price increases,\u201d he told a cabinet meeting on Monday.<\/p>\n His chief of staff said on Friday the country had already secured the \u201cemergency delivery\u201d of four million barrels of crude oil from ports in the United Arab Emirates.<\/p>\n Meanwhile, in Japan, Kyodo news agency said Tokyo is considering drawing on its national oil reserves<\/a> to protect itself against possible prolonged supply disruptions \u2013 a measure demanded by the country\u2019s refiners.<\/p>\n The government said last week that Japan had stocks equivalent to 254 days of crude oil consumption \u2013 including reserves held by the private sector \u2013 and three weeks of liquefied natural gas (LNG) consumption.<\/p>\n In China, the country\u2019s main refiners have been asked to suspend exports of diesel and gasoline<\/a> to prioritise domestic needs.\u00a0About 57% of China\u2019s direct imports of crude transported by sea in 2025 came from the Middle East, according to the analysis firm Kpler.<\/p>\n In Taiwan, which is highly dependent on fuel imports, the government is looking for LNG shipments<\/a> from other sources to compensate for gas it can no longer get from Qatar.<\/p>\n The government was also seeking to keep prices \u201cas stable as possible\u201d for consumers via \u201ca fuel pricing formula\u201d that would take into account neighbouring markets, he said.<\/p>\n India, meanwhile, has been pushing ahead with imports of Russian oil, after the US issued a temporary waiver allowing New Delhi to buy Moscow\u2019s oil<\/a> if it was currently stranded at sea.<\/p>\n An Indian government source, however, said New Delhi does not need any country\u2019s permission to source the fuel from Russia, its largest crude supplier.\u00a0The source said India was \u201cwell stocked\u201d with more than 250 million barrels of crude and petroleum products to \u201chandle short-term disruptions\u201d.<\/p>\n The country\u2019s petroleum ministry has reassured the public that India \u201chas sufficient energy reserves\u201d, without ruling out potential measures to mitigate the impact.<\/p>\n In Bangladesh, the new government said on Monday it will close all universities and forward the Eid al-Fitr holidays forward, as part of emergency measures to conserve \u200belectricity and fuel amid its worsening energy crisis. It said the move will not only \u200breduce power consumption but also ease traffic congestion, which leads \u200bto fuel wastage.<\/p>\n The country, which relies on imports for 95% of its energy needs,\u00a0imposed daily limits<\/a>\u00a0on Friday on fuel sales after panic buying and stockpiling.<\/p>\n In Vietnam, the government says it has prepared a draft decree that would slash import tax rates<\/a> to zero on certain petroleum products in a bid to \u201cstabilize the domestic market\u201d, its finance ministry said. Tariffs of 10% on unleaded gasoline and 7% on diesel, aviation fuel and kerosene would all be temporarily removed under the decree.<\/p>\n In the Philippines, the government began<\/a> adopting a four-day working week on Monday<\/a> to counter soaring fuel prices. President Ferdinand Marcos also ordered state agencies to reduce their fuel and electricity consumption by 10-20%, while police have warned against hoarding.<\/p>\n Indonesia, which is under pressure due to a fiscal policy that worries analysts and investors, warned it has limited room to manoeuvre.\u00a0Finance Minister Purbaya Yudhi Sadewa warned on Friday that people may have to pay more if no other solution can be found. \u201cThis means that fuel prices will have to rise and the budget can no longer support\u201d increased energy subsidies, he said.<\/p>\n In Thailand, the interim Bhumjaithai government said last week it had secured two months\u2019 worth of oil supplies but was suspending exports to conserve its holdings. The government also capped the price of diesel at just under 30 baht ($0.94) per litre for a 15-day period.<\/p>\n In Cambodia,\u00a0which relies completely on imported diesel and petrol for consumer fuel needs, the energy minister said their reserves would only last for about three weeks. So, retail fuel prices have already been raised.<\/p>\n And in Myanmar, the military government has enforced rules to ration fuel<\/a>, requiring half of all private vehicles to stay off the roads each day, depending on their licence plate numbers. Reporters in Yangon have seen queues at some petrol stations and restrictions on the amount of fuel sold to each driver, but the junta has only allowed modest price hikes so far, AFP said.<\/p>\n But the most interesting impact<\/a> could be whether the war in the Gulf prevents Iran from supplying jet fuel and military drone technology to the military regime, and provides some respite to citizens in the war-torn nation.<\/p>\n Recent investigations by Amnesty International and Reuters\u00a0revealed\u00a0that Iran-linked \u201cghost ships\u201d transported aviation fuel to Myanmar\u2019s Western-sanctioned military regime<\/a> in 2024 and 2025, driving the junta\u2019s daily airstrikes on pro-democracy rebels and civilian targets.<\/p>\n Amnesty warned that the regime could now pivot back to Southeast Asia to secure fuel from its previous suppliers in Vietnam, Thailand, Singapore, China and Malaysia, Irrawaddy reported.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n ALSO SEE: \u00a0<\/p>\n \t\t\t\t![\"\"](\"https:\/\/www.newsbeep.com\/nz\/wp-content\/uploads\/2026\/03\/Irans-new-leader-Mojtaba-Khamenei-black-cap-2019-file-AFP-pic-.jpg\")
Mojtaba Khamenei, second right, wearing black turban, has succeeded his father to become Iran\u2019s new Supreme Leader. This image shows him at the annual Quds Day rally in Tehran in May 2019 (Rouzbeh Fouladi, Middle East Images via AFP).<\/p>\n
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