Story perspectives

Middle East Oil Surge Sparks Fuel Crisis Across Asia

3/10/2026

Summary

Oil Crisis Response

The oil price surge from the Middle East conflict triggers unrest in Bangladesh, where 95% of oil is imported, the government imposes fuel rationing, and the military is deployed at depots amid protests.
Vietnam eliminated tariffs on fuel imports to stabilize prices, which have risen over 20%.
Myanmar enforces traffic restrictions to conserve fuel amid severe supply issues, while the Philippines and Pakistan report long queues but no mass shortages.

Summary

India's Oil Waiver

The ongoing Middle East conflict disrupts energy supplies across Asia, affecting India and Thailand.
Indian refiners face low stockpiles and exports are suspended.
The United States granted India a temporary waiver to purchase Russian oil at a premium.
Thai farmers face fuel shortages as gas stations lack supplies, and rising costs plus limited LNG access threaten stability.

History

Historical Context

The 1973 oil crisis, triggered by OAPEC's embargo during the Yom Kippur War, quadrupled oil prices from $3 to nearly $12 per barrel, severely impacting economies reliant on imports, like Bangladesh. This crisis reshaped global energy dynamics and highlighted vulnerabilities in oil-dependent nations. Today, similar tensions in the Middle East threaten supply stability, prompting fuel rationing and military responses in Bangladesh.

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Oil Crisis Response

The oil price surge from the Middle East conflict triggers unrest in Bangladesh, where 95% of oil is imported, the government imposes fuel rationing, and the military is deployed at depots amid protests.
Vietnam eliminated tariffs on fuel imports to stabilize prices, which have risen over 20%.
Myanmar enforces traffic restrictions to conserve fuel amid severe supply issues, while the Philippines and Pakistan report long queues but no mass shortages.

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