Some nations are now taking extraordinary measures to maintain fuel supplies, as they grapple with the potential for long-lasting disruptions to the global supply chain.
Iran has targeted oil-producing Gulf states that host U.S. military bases, disrupting the production of oil even further.
President Donald Trump has threatened to attack Iran’s power plants if it does not reopen the Strait, writing on Truth Social Sunday morning: “Open the F—in’ Strait, you crazy b—tards, or you’ll be living in Hell.”
Europe's airports have begun imposing restrictions on refueling due to a shortage of jet fuel, and airlines have preemptively canceled flights.
Flight cancellations and disruptions in the UK have already begun, with Guernsey’s Aurigny airline canceling some flights from mid-April to early June. Ryanair CEO Michael O’Leary also predicted summer cancellations of 5 to 10% of flights if the Strait of Hormuz stays closed.
The predictions come as jet fuel averaged $195 a barrel last week, according to the International Air Transport Association, more than double the average last year.
Shortages are raising the price of travel, with airlines offsetting rising operational costs by raising baggage and ticket prices.
Robberies in Bangladesh
In Bangladesh, the fuel shortages and panic have resulted in a spike in robberies, as people raid gas stations and fuel trucks in order to stockpile supplies.
The South Asian nation of 175 million people relies on imports for roughly 95% of its energy needs, making it particularly vulnerable to the closure of the Strait.
Even though countries like Australia and New Zealand receive most of their fuel from Asia—especially China, Singapore and South Korea— those nations rely on crude oil flowing through the Middle East.
Australia’s prime minister, Anthony Albanese, addressed the nation on April 1, reassuring Australians that the government was prepared for fuel shortages. He also urged citizens to take public transportation in the coming weeks to keep fuel for farmers, miners, and other workers in “critical industries.”
The country’s energy minister, Chris Bowen, said Saturday that more than 50 ships carrying fuel are on their way to Australia and are expected to arrive this month.
Still, farmworkers and grocery stores are bearing the brunt of much of the fuel and fertilizer shortages, with grocery prices expected to surge in the coming weeks.
South Korea saves ‘every drop of fuel’
South Korea has ramped up its call for energy conservation. President Lee Jae Myung urged citizens to "save every drop of fuel” in a parliamentary address this past week.
The government has already taken other precautionary measures, including imposing a fuel price cap and implementing a fuel tax cut. It is also exploring other energy options to offset supply chain problems, including delaying the shutdown of coal-fired power plants and lifting caps on coal-fired electricity.
Southeast Asian work from home
In late March, the Philippines declared a national emergency due to high oil prices, which had a particularly harsh impact on the nation because it imports 98% of its oil from the Gulf.
Similarly, Thailand, Vietnam, and Indonesia are encouraging remote work for civil servants. Vietnam’s trade ministry called on businesses to “encourage work-from-home when possible to reduce the need for travel and transportation.”
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