Governments Race to Shield Economies as Oil Prices Soar 25% Courtesy of U.S.-Israeli War on Iran

Oil prices have surged sharply as the escalating U.S.-Israeli war on Iran raises fears of energy supply disruptions worldwide. In response, South Korea announced it would cap domestic fuel prices for the first time in nearly 30 years, expand its 100 trillion won ($67 billion) market-stabilization program if needed, and seek energy sources beyond the Strait of Hormuz. Japan instructed a national oil reserve storage site to prepare for a possible crude release, while Vietnam plans to remove fuel import tariffs until the end of April. China has asked refiners to halt signing new fuel export contracts and cancel already committed shipments, exempting jet fuel and bunkering supplies. Indonesia will increase its 381.3 trillion rupiah ($22.5 billion) energy subsidy allocation, and Bangladesh will close all universities from Monday to conserve electricity and fuel.