Oil prices rose sharply and global stock markets fell amid concerns that the escalating war between the United States and Israel against Iran could lead to serious disruptions in global energy supplies and industry. In response, a number of Asian countries are already taking emergency measures to limit the economic consequences, Reuters reports.
South Korean President Lee Jae-myun said the government plans to introduce a ceiling on domestic fuel prices - for the first time in nearly 30 years. Seoul will also look for alternative energy sources other than supplies passing through the strategic Strait of Hormuz. The president said a 100 trillion won (about $67 billion) market stabilization program could be expanded if the situation worsens.
In Japan, the government has instructed one of the sites of the national strategic oil reserve to prepare for a possible release of crude oil, opposition Center Reform Alliance lawmaker Akira Nagatsuma told Reuters. It was not immediately clear when the oil could be released.
Vietnam is also taking steps to ensure supplies. The government said it would temporarily lift import duties on fuel to cushion the impact of any market disruptions. The measure is expected to remain in place until the end of April.
In Bangladesh, authorities are taking a more drastic step, closing all universities from Monday and bringing forward the Eid al-Fitr holiday. The decision is part of emergency measures to reduce electricity and fuel consumption.