Asia faces oil shock as US-Iran war chokes Strait of Hormuz
Written by stingfm on March 2, 2026
Oil prices surged by the most in four years on Monday as the killing of Iranian supreme leader Ayatollah Ali Khamenei amid a widening conflict between the United States, Israel and Iran brought tanker traffic through the Strait of Hormuz to a near standstill.
Freight costs climbed sharply alongside crude, as traders swiftly priced in the war, which analysts say will have far-reaching consequences for Asia’s heavily import-dependent economies.
Benchmark Brent crude jumped 13 per cent to a high…
Freight costs climbed sharply alongside crude, as traders swiftly priced in the war, which analysts say will have far-reaching consequences for Asia’s heavily import-dependent economies.
Benchmark Brent crude jumped 13 per cent to a high…
