Energy crisis in Asia: Everyone fights for themselves

The oil and gas shortage is hitting Asia particularly hard. Now a bidding war is breaking out that poorer countries can only lose. But their solutions are surprising

March 12, 2026, 8:00 p.m

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The energy price shock caused by the Iran war is hitting Asia hard. In countries such as Japan, South Korea and China, gas and oil prices are rising dramatically. The blockage of the Strait of Hormuz is causing uncertainty in the energy supply. Poorer countries are caught in a bidding war for oil and gas, while richer nations like Japan and South Korea can still pay moonshine prices. The crisis is leading to existential questions in Asia, from industry to basic services for the population.

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The energy price shock caused by the Iran war is hitting Asia harder than any other region of the world. While in Europe and the USA the main topic of discussion is gasoline pricesin some countries there are existential questions: whether power grids remain stable, factories can continue to operate – and millions of households can still afford to cook. From Japan and South Korea to China, India and Indonesia, gas and oil prices have risen more on average than anywhere else in the world. And now that the situation in the Strait of Hormuz appears to remain complicated in the long term, Asia is bracing for months of energy supply uncertainty.