Tensions in the Middle East are affecting global oil markets, causing Asian economies to scramble for solutions. The Strait of Hormuz is being closed off by Iran, leading to increased energy prices and impacting the region.

Iran continues to cut off the strait of Hormuz as it retaliates for the US and Israel's campaign against the Islamic Republic. The strategy has been effective as it piles pressure on the United States to the end the war, with global energy prices continuing to soar. Over 80% of oil and gas typically passing through the Strait of Hormuz heads for Asia.