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Asia Faces Energy Crisis as Iran War Disrupts Supplies

4/2/2026

30 3 Full Breakdown

Summary

Story summary

The ongoing war in Iran disrupts oil and gas supplies, triggering an unprecedented energy crisis across Asia.
The Philippines declared a national energy emergency.
Brent crude rose to about $120 per barrel.
Bangladesh, South Korea, and India are taking emergency measures as they pursue coal use and energy partnerships with Russia and Canada.

History

Historical Context

The 1973 oil crisis began when OAPEC imposed an embargo in response to U.S. support for Israel during the Yom Kippur War, causing oil prices to quadruple from $3 to $12 per barrel. This crisis led to economic turmoil in countries like the U.S. and Japan, prompting a long-term shift towards energy independence and diversification, a trend echoed today amid rising Brent crude prices.

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Story summary

The ongoing war in Iran disrupts oil and gas supplies, triggering an unprecedented energy crisis across Asia.
The Philippines declared a national energy emergency.
Brent crude rose to about $120 per barrel.
Bangladesh, South Korea, and India are taking emergency measures as they pursue coal use and energy partnerships with Russia and Canada.

1 / 2