Asian nations are feeling the crunch of the Iran war’s energy shock.
Government employees in the Philippines are working four days a week to reduce energy usage in the face of rising oil prices, while South Korea and Thailand said they will cap fuel prices.
Bangladesh shuttered universities starting Monday to conserve energy.
The region is especially vulnerable because it receives much of the oil that typically passes through the Strait of Hormuz, which is now effectively closed.
“A part of the world that has for decades powered global economic growth looks perilously close to running on empty,” The Economist wrote.
China, however, is seen as well-insulated, given its significant oil stockpiles.