The Philippines declared a national emergency as fuel shortages caused by the war in Iran threatened its economic stability, one of a number of Asian nations scrambling to address a looming lack of energy.
Several of Asia’s biggest economies import more than 50% of their energy from the Gulf. The crunch has forced business closures in Japan, while South Korea has asked people to take shorter showers and to use bicycles to get around.
Though China says its energy independence shields it from the worst of the crisis, experts say the knock-on effects could be huge for the world’s second-biggest economy as its largest markets are forced to cut down on Chinese imports.
