Asian countries scrambled to lower fuel prices for consumers as the month-long war in the Middle East has pushed oil prices higher and crimped the energy imports they depend on.
Oil prices fell somewhat in response to US President Donald Trump’s extension of a moratorium on strikes against Iran’s energy infrastructure, but they remain about 40% above pre-war levels because of Iran’s de facto control over the Strait of Hormuz.
A cyclone in Australia hit the output of three LNG plants, further restricting supply. Asian governments are responding: Japan eased rules on the use of coal, Vietnam waived a green tax to lower petrol prices, and India cut excise duties on fossil fuels.
