Gate News reports that the Middle East conflict has effectively closed the Strait of Hormuz to most ships, causing a global fuel supply crisis. Since the U.S.-Israel military action against Iran on February 28, Brent crude oil prices have risen over 32%, remaining above $100 per barrel for most of March, prompting many countries to implement energy-saving measures to cope with the crisis.
Australia is experiencing the most severe fuel shortages, with over 500 gas stations nationwide out of fuel. In New South Wales, 187 stations have run out of diesel; in Queensland, 55 stations lack diesel, and another 35 stations have no regular gasoline. Victoria and South Australia also report fuel supply disruptions at 134 and 49 stations respectively, severely impacting daily transportation and logistics.
Some Asian countries are also under pressure. Philippine President Ferdinand Marcos signed an executive order declaring a state of energy emergency. Bangladesh and Pakistan have taken measures to reduce fuel consumption. South Korea has raised its resource security alert to level 2, implementing a five-day rotation system for government vehicle use, limiting about 1.5 million cars, which can save approximately 3,000 barrels of oil daily. The country is also accelerating the restart of five nuclear reactors to reduce liquefied natural gas demand.
In Kenya, about 20% of independent gas stations report fuel shortages, and dealers may start stockpiling to cope with rising prices. Martin Jomba warned that if tensions in the Middle East persist, the fuel shortage crisis could spread to most gas stations within two weeks. Panic buying has also appeared in parts of India; despite state oil companies emphasizing sufficient inventories, many people are rushing to fill up. Indian refiners have booked about 60 million barrels of Russian crude oil and are purchasing 5 million barrels of Iranian oil during the window after sanctions on Iran were lifted.
Iranian Foreign Minister Abbas Araghchi stated that Iran allows ships from “friendly countries”—including India, Russia, China, Pakistan, and Iraq—to pass through, which helps ease some pressure on Asian importers. However, ships from the U.S., Israel, and the Gulf Cooperation Council countries are still prohibited, and the global fuel supply chain remains tight.