How Iran war laid bare the world's reliance on Gulf oil and gas

The US-Israel war with Iran has revealed the world's reliance on energy from the Gulf region, causing oil prices to soar over a third higher to $100 a barrel due to air strikes and the effective closure of the Strait of Hormuz. This vital waterway carries a fifth of global oil supplies, with nearly 90% of its oil and gas bound for Asia last year. South East Asia is particularly exposed, as its refineries are set up to process "heavy sour" or "medium sour" crude from the Middle East, making switching providers difficult. The Philippines, for example, receives around 95% of its crude oil from the Middle East, leading its president to implement a four-day working week for public workers to save fuel. Thailand's energy minister announced measures like setting air conditioner temperatures in public offices at 26°C.