Global energy prices have spiked in recent weeks as the conflict in West Asia disrupts key supply routes and raises concerns over availability. Brent crude has crossed the $100-per-barrel mark after jumping nearly 13% over the past three sessions, extending its rally.
The surge comes amid fears of prolonged disruptions around the Strait of Hormuz, a critical route for global energy shipments. Tensions around the waterway have intensified after Iran briefly opened the Strait of Hormuz on Friday, only to reverse course within hours. Following the announcement, the United States imposed a blockade on vessels entering or leaving Iranian ports.
Shipping activity through the Strait has already dropped sharply since the start of the Iran conflict. The ripple effects are driving higher fuel prices across many markets and boosting demand for LPG and other household fuels.
Several countries have already seen increases in petrol, diesel and cooking gas prices, while others are holding rates steady despite rising global costs. Here’s how different countries around the world are responding to the crisis:
United Kingdom
The UK government said voluntary long-term fixed contracts would be offered to existing low-carbon generators not on fixed prices so they were not being paid the price of gas. It said this would cover around a third of Britain's power supply.
Sweden
The measures come as energy costs continue to rise due to the ongoing conflict, with policymakers stepping in to cushion consumers from the impact of elevated fuel and power prices.
India
The buffer would be similar in concept to the price stabilisation fund (PSF), which exists to help manage inflation in select critical agricultural commodities and was set up in fiscal year 2015 (FY15).
The country has barred consumers with piped natural gas from retaining or refilling LPG cylinders and has invoked emergency powers directing refiners to maximise LPG production, widely used for cooking.
South Korea
In view of the disruptions, it has also begun enforcing a ban on naphtha exports to boost domestic supplies.
China
China has restricted refined fuel exports to pre-empt a potential domestic fuel shortage, four sources told Reuters.
It is also releasing fertiliser supplies from national commercial reserves ahead of spring planting.
Australia
The nation's prime minister has encouraged citizens to use public transport as petrol and diesel supply remains constrained.
Japan
The Nikkei business daily reported earlier that Japan had agreed to import 1 million barrels of crude oil from Mexico for delivery as early as July, to diversify its energy sources due to the war between the United States, Israel and Iran.
European Union
The efforts include electricity tax cuts, lower grid fees and state support put forward as possible short-term fixes, according to media reports.
Italy
Earlier, Prime Minister Giorgia Meloni said Italy is considering cutting excise duties to ease pressure on fuel prices.
The country is also ready to raise taxes on firms responsible for unduly capitalising on the energy crisis, Reuters reported.
Malaysia
The government has announced certain measures, including central bank support for companies, efforts to diversify energy sources and secure inputs, enhanced monitoring of vulnerable sectors, and a special access pathway for critical medicines and medical devices, according to Reuters.
Thailand
The minister said the government would try to cap domestic diesel prices at 33 baht ($1.02) per litre. Meanwhile, the Thai Planning Agency said the government will keep the prices stable for some goods and provide support for farmers.
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