Asia Faces Energy Crisis as Iran Conflict Disrupts Oil, Gas Supplies

Global energy trade is in turmoil as war around the Persian Gulf chokes off oil and natural gas shipments, causing prices to soar. 

Asia is the most exposed since it relies heavily on imported fuel, much of it shipped through the Strait of Hormuz, the narrow passageway that carries a fifth of global trade in crude oil and liquified natural gas, or LNG. 

About 13 million barrels of oil per day moved through the corridor in 2025, according to energy consultancy Kpler. 

That's about a third of all seaborne



crude, the unrefined petroleum that is processed into fuels such as gasoline and diesel.

Roughly a fifth of the world's LNG, natural gas cooled into liquid form for easier storage and transport, also flows through the straits. 

More than 80% of the LNG shipped through the strait in 2024 went to Asia, according to the U.S. Energy Information Administration. 

Since the Iran war began, the price of Brent crude, the international standard, has jumped 15% to about $84 per barrel, the highest level since July 2024.