Iran war forces Asian economies to confront sliding currencies and surging oil
Iran's attacks on Gulf oil and gas sites have triggered global energy supply fears, causing oil and gas prices to soar and leaving consumers bracing for higher prices. The conflict has also led to a standstill in tanker traffic through the Strait of Hormuz, a key chokepoint for global oil supply.
Iran's attacks on regional refineries and gas facilities have increased global energy supply fears. Oil and gas prices have soared since the attacks began. The Strait of Hormuz, a key oil supply route, has been closed by Iran. China, the world's largest oil and gas importer, is pushing Iran to keep the strait open. The US has announced a plan to insure and escort oil tankers through the strait. Insurance companies have canceled war risk coverage for ships in the Middle East Gulf. Over 150 vessels have anchored in the Strait of Hormuz, constraining global oil and gas supply.
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