Geopolitical turmoil and soaring energy costs are rattling financial markets across Asia as governments scramble to address supply disruptions and economic fallout from the ongoing War in Iran and the closure of Strait of Hormuz.
Thailand’s prime minister promoted electric vehicles as his cabinet weighs fuel tax cuts, whilst South Korea’s Korean Air announced emergency cost-cutting measures in response to rising fuel prices.
Seoul’s Kospi index fell over 4 percent amid uncertainty, whilst Japan and Indonesia agreed to strengthen coordination on energy security.
With oil and gas shipments through the Strait of Hormuz increasingly disrupted and no peace deal in sight, regional policymakers are focused on damage control and shielding populations from escalating energy costs.
Al Jazeera’s Patrick Fok reports from Singapore.
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