Energy buyers across import-dependent Asia are reeling from a fuel crunch triggered by US and Israeli attacks on Iran, which have taken out oil production and nearly closed the Strait of Hormuz. Countries from Singapore to Bangladesh are implementing energy-saving measures as stockpiles falter and prices spike for industrial users.

India, which imports nearly half its oil through the strategic waterway, faces severe shortages with input costs for some manufacturers jumping 35%. The US offered India a temporary waiver to buy Russian oil, providing partial relief but doing little to address immediate natural gas and LPG shortages.

LNG supplies have been particularly disrupted, with Qatar declaring force majeure after an Iranian drone strike. Companies like Adani Total Gas have tripled prices for industrial customers, while utilities across Asia are halting power generation units to conserve dwindling fuel stocks.