Asian Nations Face Oil Crisis as Hormuz Conflict Continues

0:00On March 23rd, a U.S.-based Asian diplomat warns that Vietnam, Bangladesh, and the Philippines could run out of oil in just three weeks if the conflict involving the United States, Israel, and Iran keeps blocking the strait of Hormuz. Nearly 21 million barrels of oil flow through that narrow waterway each day, with about 80% headed to Asia making the disruption a. Huge problem for energy-hungry nations there. Things across Asia are already hurting, with Pakistan eyeing shorter work weeks to save fuel, airlines canceling flights due to jet fuel shortages, and Indian households facing cooking gas cutbacks that could spark economic chaos and factory closures. Even Europe feels the pinch from slowed, liquefied natural gas shipments and damaged infrastructure, prompting some leaders to rethink turning away from Russian supplies. Meanwhile, the United States stands strong as the top oil and natural gas producer signing fresh deals to help allies while energy leaders gather in.

1:03Houston this week, pressing for details on when the strait might reopen and how the conflict wraps up, leaving markets in limbo as everyone awaits.