Asia faces oil shock as US-Iran war chokes Strait of Hormuz

2026-03-02 - 06:05

Oil prices surged by the most in four years on Monday as the killing of Iranian supreme leader Ayatollah Ali Khamenei amid a widening conflict between the United States, Israel and Iran brought tanker traffic through the Strait of Hormuz to a near standstill. Freight costs climbed sharply alongside crude, as traders swiftly priced in the war, which analysts say will have far-reaching consequences for Asia’s heavily import-dependent economies. Benchmark Brent crude jumped 13 per cent to a high...