Global markets have been greatly affected by the ongoing conflict in the Middle East following military strikes by the United States and Israel on Iran, with oil prices soaring to past $100 per barrel as of March 9 due to supply concerns.
On February 28, 2026, the United States and Israel launched joint airstrikes on Iran, which prompted the latter to launch retaliatory attacks across the region.
Effects of the conflict
On March 2, Iran threatened to attack any vessel traveling through the Strait of Hormuz, one of the most important energy corridors in the world, with roughly 20 per cent of global oil consumption and 20 per cent of liquefied natural gas (LNG) passing through it daily, according to the Center for Strategic and International Studies.
The attacks have also affected several oil facilities in the Middle East, with some announcing the suspension of their operations due to damage.
As the Middle East produces roughly 30 per cent of the world’s oil, and with the effects of the war, the total amount of oil available on the global market drops, resulting in an increase in prices and a fear of long-term inflation.
Countries implement energy-saving measures
While the conflict has impacted countries all over the world, nations that are highly reliant on oil and gas imports are mostly vulnerable to this, especially countries in Asia.
According to the International Energy Agency, about 80 per cent of all oil volumes through the strait go to Asia.
To address the impact of increasing energy prices, several countries have announced measures to save more energy.
Countries are calling on their citizens to reduce electricity and energy consumption.
Bangladesh
Bangladesh, which relies on imports for 95 per cent of its energy needs, recently announced that there will be no lighting displays on government and private buildings for Eid-ul-Fitr, Independence Day, and National Day this year.
Offices and institutions are also asked to reduce existing lighting by half, while employees are advised to switch off lights, fans, air conditioners and other electrical appliances when not in use, according to the Dhaka Tribune.
Bangladesh has also started a fuel rationing system to limit daily fuel sales at filling stations to prevent panic buying.
The government has also ordered the closing of all public and private universities, advancing the Eid-ul-Fitr holidays as part of its measures to conserve energy.
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India
The conflict has prompted India to look for alternative sources to imported crude oil, liquefied petroleum gas, and liquefied natural gas. Energy companies are also reducing gas supplies to some industrial consumers to prevent shortages.
As of January, the Middle East accounted for 55 per cent of India’s crude imports, or roughly 2,74 million barrels per day.
Pakistan
The Pakistani government is reviewing the possibility of work-from-home arrangements for government offices and public sector institutions, while educational institutions may also be directed to online classes.
In addition, officials are also recommended to restrict non-essential activities that require energy consumption and travel.
The government is also exploring alternative oil and gas supplies with Saudi Arabia.
South Korea
South Korean President Lee Jae-Myung has announced that the government will put a price cap on petroleum products.
He also announced that the nation is ready to expand the KRW100-trillion financial markets stabilisation program if necessary.
Thailand
Thai Prime Minister Anutin Charnvirakul urged citizens not to stockpile fuel. He also said that the government is planning to cap diesel prices for 15 days.
In recent days, long queues have been seen at petrol stations across the country, and it was reported that some outlets are running low on supplies.
Philippines and Vietnam
Philippines President Ferdinand Marcos Jr announced that the government will implement a four-day workweek for most public offices, while also calling on all Filipinos to conserve energy by minimising unnecessary travel.
Vietnam, meanwhile, has announced plans to temporarily remove taxes on fuel imports.
Indonesia
The Indonesian government on Monday said it will increase allocations for fuel subsidies under the state budget. The country has allocated 381.3 trillion rupiah ($22.5 billion) for energy subsidies and compensation to state energy firm Pertamina and utility firm PLN to make fuel prices affordable.
The government also floated the idea of reviving a plan to introduce B50 fuel – a blend of 50 per cent palm-oil-based biodiesel and 50 per cent conventional diesel.
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Shameeka Voyiya 
KC Maderia 
Newsjustnews writers