Asia's Energy Crisis Deepens as Philippines Declares Emergency Amid Iran War

The Philippines has declared a national energy emergency due to the ongoing U.S.-Israeli war with Iran, which is causing strain in Asia and threatening an energy crisis. Philippine President Ferdinand Marcos Jr. stated that the war poses a threat to the country's energy supply.

The declaration allows the government to control fuel prices and expedite imports from alternative suppliers like Russia. The Philippines has enough fuel for about 45 days at typical consumption levels.

Other Asian countries, including South Korea, Japan, Thailand, and Vietnam, have also taken measures to conserve energy amid the crisis. Fatih Birol, the executive director of the International Energy Agency (IEA), warned that the oil crisis has surpassed the combined effect of worldwide energy shocks in the 1970s.

Global oil prices surged after the war prompted the closure of the Strait of Hormuz, a critical waterway for oil delivery. The strait facilitates the transport of about one-fifth of the global supply of crude oil, amounting to around 20 million barrels per day.