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The Iran war has put Asia on the brink of an energy panic

www-economist-com.libproxy.berkeley.edu · 93 words · saved by 1 readers

Unlock unlimited access to all our award-winning journalism, subscriber-only podcasts and newsletters Subscribe to The Economist Unlock unlimited access to all our award-winning journalism, subscriber-only podcasts and newsletters Your browser does not support the element. N ow into its second week, the American-Israeli war with Iran has all but stopped seaborne oil exports from the Gulf’s big producers. As trading resumed after the weekend the price of Brent crude, the global benchmark, leapt above $100 a barrel. It is up by 37% over the past week. American motorists are already paying over $3.40 for a gallon of petrol on average, around 50 cents more than on February 27th. In Europe prices of natural gas, of which the Gulf normally ships lots in liquefied form, are 64% higher than before the war. The nastiest effects of the energy shock, however, are being felt in Asia. The Gulf supplies 40-80% of the seaborne crude imports of China, India, Japan and South Korea. It also acco

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