Donald Trump has said the economic hit from his campaign against Iran is "a very small price to pay" to remove the regime and halt its nuclear program. Many countries living on fuel imports do not seem to agree. The stoppage of much shipping through the Strait of Hormuz has pushed energy prices higher and forced governments to take emergency measures.

Why oil and gas prices jumped

Transit through the Strait of Hormuz has dropped since late February. Iran now exerts control over the strait and attacks on nearby oil facilities have further reduced supply. The South Pars gas field in Iran was hit by strikes, and Tehran responded by targeting oil infrastructure in Gulf countries.

Brent Crude, the global benchmark for oil, has climbed sharply since fighting began. It rose more than 60 percent from around $71 at the close of 27 February and briefly touched about $119 a barrel in mid-March. Experts warn that this can translate into higher prices for households and businesses, and a fresh cost-of-living shock in many places.

Why Asia is particularly exposed

About 80 to 84 percent of global crude flows pass through the Strait of Hormuz, and more than 80 percent of liquefied natural gas shipments also use the route. How badly a country is hit depends on two main things: how much oil it normally buys from the Middle East, and how big its emergency reserves are.

Countries most at risk

India

India gets roughly 14.7 percent of the oil that transits the strait. Liquefied petroleum gas for cooking is especially exposed because more than 60 percent of LPG demand is met by imports. If supply problems continue, households could face higher bills and some may switch back to dirtier fuels like biomass or kerosene, which would raise health and environmental risks. Sales of electric induction cooktops have surged as people look for alternatives.

Sri Lanka

Sri Lanka says it has about six weeks of fuel left. The government has introduced a four-day work week for public institutions, asked the private sector to make every Wednesday a holiday, and enforced strict fuel rationing. The short supply has already led to unusual scenes at petrol pumps and creative attempts to find fuel.

Pakistan

Roughly 85 percent of Pakistan’s energy supply comes through the Strait of Hormuz. The government has rolled out remote work policies, cut fuel allowances for public servants, reduced office days to four each week, and closed schools for two weeks while universities switch to online teaching. These steps aim to lower fuel use and stretch existing supplies.

Bangladesh

Bangladesh is about 95 percent dependent on imported oil and has only around 20 days of reserves. Authorities have imposed fuel caps and deployed troops to stop hoarding. The government is seeking roughly $2 billion in external financing to fund fuel and LNG imports for the summer, with a large share expected from the International Monetary Fund and the Asian Development Bank.

What about the UK?

The UK is less dependent on Middle Eastern oil because most of its crude currently comes from the North Sea and the United States. However, it does import some jet fuel and diesel from the region. The larger worry is liquefied natural gas, where some UK supply comes from Qatar. International gas and oil markets are already pushing prices up, and the UK has limited spare gas reserves heading into the summer stock-building season. That combination raises the risk of higher household energy bills, with some estimates suggesting bills could rise by up to £300 later in the year if the situation continues.

Bottom line

The energy shock from the Iran conflict is not evenly spread. Countries that depend heavily on Middle Eastern shipments and have small reserves are being forced into rationing, shorter work weeks, and emergency borrowing. Bigger importers with diversified supplies and big stockpiles, such as China, are in a stronger position. For many nations, the immediate impact is higher fuel costs and tougher choices for households and governments.