How countries are combating energy shortages: ‘An Asian crisis’

Asian countries are taking emergency measures to prevent their countries from spiraling due to the war in Iran, as the Middle Eastern conflict’s impact on the Strait of Hormuz disproportionately rattles the region’s energy markets. 

Roughly 20% of the world’s oil and liquefied natural gas flows through the channel. Around 80% of the oil that typically passes through the strait is bound for Asian markets, according to the International Energy Agency. Economies that have been particularly exposed to blockage in the strait include the Philippines, South Korea, Laos, and Thailand. 

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“Right now the closure of the Strait of Hormuz is, in a sense, an Asian crisis,” Singapore’s foreign minister, Vivian Balakrishnan, ‌told Reuters on Monday.

The Philippines

The Philippines was the first to declare a national emergency on Tuesday in reaction to spiking energy prices. President Ferdinand Marcos Jr. said the Iranian