The Tamesis
The crisis in Iran intensifies with the election of a new hard-line leader and further attacks on the country and its neighbors.
Oil prices surged above $100 a barrel on Monday for the first time in four years, with Tehran taking no action to indicate it might give in to U.S. demands. unconditional surrender or peace negotiations.
The war is a huge concern for several countries in Asia – Bangladesh, India, China, Thailand, Japan, South Korea, the Philippines and others – as oil and gas prices soar and there is no indication yet how long Iran’s blockade of tanker traffic in the Strait of Hormuz will last.
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Tehran has not hesitated to appoint Mojtaba Khamenei, the son of former hardline cleric Ali Khamenei, as its new supreme leader, replacing his father. In fact, it marked another of his missile launches against Israel and Gulf states on Monday, AFP reported.
World oil prices continue to rise as Iran enters a new era and the conflict enters its tenth day, while Saudi Arabia battles drones targeting its oil fields and Bahrain’s national energy company warned after a missile attack that it may not be able to fulfill export contracts.
Efforts to alleviate the energy crisis
As a result, the United States, its allies and Asian governments have been working to find ways to mitigate the economic impact.
According to media reports, G7 finance ministers will meet later today on the crisis to discuss Release 300-400 million barrels of strategic oil reserves Reduce energy price pressures and protect the world economy.
The United Arab Emirates and Kuwait also reported new attacks, and Asian economic officials responded quickly.
Japanese and South Korean stock markets closed down more than 5%, Filipino motorists lined up to refuel, and Vietnam prepared to eliminate fuel import tariffs. (For more details on Asian government responses, see below).
European markets also opened sharply lower, with natural gas prices on the continent soaring 30%. Since the start of the war, the benchmark oil contract WTI has risen more than 75% and the Brent crude oil contract has risen more than 60%.
‘force majeure’
Bahrain’s state-owned energy company Bapco joined its counterparts in Qatar and Kuwait in declaring “force majeure” after an attack on Bahrain’s vast Al Ma’ameer oil facility caused a fire and material damage, warning that events beyond its control could prevent it from meeting export targets.
The war began weeks after Iranian authorities under Ayatollah Ali Khamenei suppressed nationwide protests against the government, killing thousands, according to human rights groups. Some media outlets such as The Guardian said more than that. 30,000 people may have been killed.
Agence France-Presse said the young Khamenei, who was appointed to replace the cleric who led Iran for nearly four decades and was killed in the first wave of US-Israeli attacks, is considered a hardliner who will pursue his father’s refusal to dissent.
US President Donald Trump has previously dismissed Mojtaba Khamenei as a “lightweight” and insisted again on Sunday’s ABC News program: “If he doesn’t have our approval, he won’t last long.”
After a similar threat from Israel, a Chinese foreign ministry spokesman warned that Beijing opposed targeting leaders and insisted that “Iran’s sovereignty, security and territorial integrity should be respected.”
“A small price to pay”
Trump dismissed soaring oil prices as a politically sensitive issue in the United States, calling it a “small price to pay” for eliminating the threat from Iran’s nuclear program.
Days after a drone attack on the U.S. embassy, the U.S. State Department ordered non-emergency personnel to leave Saudi Arabia, a sign that the U.S. does not expect a quick end to the war.
As questions arise over the war’s duration and objectives, Trump told The Times of Israel that any decision on when to end hostilities would be made with Israeli Prime Minister Benjamin Netanyahu.
“I think it’s mutual…a little bit. We’re always talking. I’ll make a decision at the right time, but everything will be taken into consideration,” Trump said.
Few expected Iran’s stance to change significantly under the young Khamenei. Khamenei is a trained cleric with close ties to Iran’s powerful Islamic Revolutionary Guard Corps.
The Guards quickly pledged their support to the new leader, who came into office with far less experience than his father, and said they were “ready to carry out the divine orders with complete obedience and self-sacrifice.”
Iran’s allies and proxies have also expressed support, with Iraq’s powerful Badr Organization saying the new leadership represents “the continuation of the path of the Islamic revolution.”
lebanon conflict
The multi-front war in Lebanon is also intensifying. Iran-backed militants Hezbollah said they were fighting Israeli troops who landed in eastern Lebanon in 15 helicopters that crossed the Syrian border and launched a new round of powerful attacks in southern Beirut.
Lebanon’s state-run state news agency earlier reported “fierce clashes” around the town of Nabishi, where an Israeli operation killed 41 people over the weekend. The Lebanese Health Minister said that since the outbreak of the war, Israeli air strikes have killed at least 394 people, including 83 children and 42 women.
Iran’s health ministry said on Sunday that at least 1,200 civilians had been killed and about 10,000 injured – figures that AFP could not independently verify.
In Israel, Iranian missile strikes killed 10 people, while two soldiers were killed in Lebanon, authorities said.
Asian economies take action to limit impact
Asian countries dependent on Gulf fossil fuels have moved to protect domestic markets in the face of soaring prices and disruptions to oil and gas supplies.
exist South KoreaAs the world’s eighth largest crude oil consumer, President Lee Jae-myung said the country is working hard to establish Fuel price cap eases pressure About energy supply.
“For petroleum products whose prices have risen too rapidly recently, we should quickly introduce and decisively implement a price ceiling system,” he said at a cabinet meeting on Monday.
His chief of staff said on Friday that the country had made “urgent deliveries” of 4 million barrels of crude from ports in the United Arab Emirates.
At the same time, in JapanKyodo News news agency says tokyo Consider tapping into national oil reserves to protect themselves from possible long-term supply disruptions – a measure required by the country’s refineries.
Japan’s stockpiles are equivalent to 254 days of crude oil consumption (including reserves held by the private sector) and three weeks of liquefied natural gas (LNG) consumption, the government said last week.
exist Chinathe country’s main refinery has been asked Suspension of diesel and gasoline exports Prioritize domestic needs. About 57% of China’s direct imports of crude oil by sea in 2025 will come from the Middle East, according to analytics firm Kpler.
exist Taiwan,Right now The government is highly dependent on fuel imports Looking for LNG Shipping Natural gas is purchased from other sources to compensate for the gas that can no longer be obtained from Qatar.
He said the government also sought to keep prices “as stable as possible” for consumers through a “fuel pricing formula” that takes into account neighboring markets.
IndiaAt the same time, in US issues temporary exemption allowing New Delhi to buy Moscow oil If it is currently stranded at sea.
However, Indian government sources said New Delhi does not need permission from any country to procure fuel from Russia, its largest crude supplier. Sources said India has “adequate inventories” of more than 250 million barrels of crude oil and petroleum products and can “manage short-term supply disruptions.”
India’s oil ministry assured the public that India “has adequate energy reserves” but did not rule out potential measures to mitigate the impact.
exist Bangladeshthe new government said on Monday All universities will be closed and the Eid al-Fitr holiday will be brought forward as part of emergency measures to conserve electricity and fuel amid a worsening energy crisis. The company said the move would not only reduce electricity consumption but also ease traffic congestion that leads to fuel waste.
The country relies on imports for 95% of its energy needs. daily limit Fuel sales follow Friday’s panic buying and stockpiling.
exist Vietnam,government Says it has prepared a draft decree to cut import duties The Treasury said it was zeroing out production of certain petroleum products in an effort to “stabilize the domestic market.” The decree will temporarily remove the 10% tariff on unleaded gasoline and the 7% tariff on diesel, aviation fuel and kerosene.
exist the Philippines,government start Monday implements four-day working system in response to soaring fuel prices. President Ferdinand Marcos also ordered state agencies to reduce fuel and electricity consumption by 10-20%, while police warned against hoarding.
IndonesiaIt has come under pressure over fiscal policy that worries analysts and investors, warning it has limited room for maneuver. Finance Minister Purbaya Yudhi Sadewa warned on Friday that people may have to pay more if no other solution is found. “This means fuel prices will have to rise and the budget will no longer be able to support” increased energy subsidies, he said.
exist Thailandthe interim Bhumjaithai government said Last week, it secured two months of oil supplies but suspended exports to preserve its stocks. The government also capped diesel prices at just under 30 baht ($0.94) per liter for 15 days.
exist Cambodia, The energy minister said the country is entirely reliant on imported diesel and gasoline to meet consumer fuel needs and its reserves can only last about three weeks. As a result, retail fuel prices have been hiked.
and in Myanmarthis The military junta has enforced fuel rationing rulesrequiring half of all private cars to be off the road every day, depending on the license plate number. rightAFP said reporters in Yangon saw long queues at some gas stations and limits on the amount of fuel sold by each driver, but the military government has so far allowed only small price increases.
but most interesting effects The likely question is whether the Gulf War will prevent Iran from supplying jet fuel and military drone technology to the military regime and provide some respite to the citizens of the war-torn country.
Recent surveys by Amnesty International and Reuters show that Iran-linked ‘ghost ship’ delivers aviation fuel to Western-sanctioned Myanmar military regime In 2024 and 2025, push the junta to conduct routine air strikes against pro-democracy rebels and civilian targets.
Amnesty International warned that the regime may now return to Southeast Asia to obtain fuel from previous suppliers in Vietnam, Thailand, Singapore, China and Malaysia, The Irrawaddy reported.
See also:
Middle East crisis pushes up oil prices, rout intensifies in Asian markets
War with Iran could hit some of Asia’s biggest economies hard
Asian markets tumble, oil prices rise as Iran war fears grow
BNP wins Bangladesh election, former leader’s son to become prime minister
India delays talks, China says ‘cancel tariffs’ after US ruling
China exploits Trump’s ‘uncertainty’ to dominate global trade
Iranian ‘ghost tanker’ delivers jet fuel to Myanmar air force
