Economic fallout of U.S.-led war is hitting the rest of the world harder

"Iran's retaliatory attacks have largely blocked the Strait of Hormuz, turning the transit point for one-fifth of the world's crude into a trial by fire for cargo ships and sending oil prices soaring. That is triggering hikes at the pump - on average by 23.6 percent for Americans. That's worse than much of Europe, where gasoline prices were already far higher. But it's less painful than the 39.5 percent spike in Nigeria, 32.9 percent hike in Laos or 31.8 percent jump in Australia."

"There is no repeat in America of the gas shortages that plagued the United States in the 1970s. But they are already hitting countries in Asia. Thailand ordered civil servants to work from home while panic buying causes gas pumps to run dry in some areas. Bangladesh and other nations have begun rationing fuel. To conserve precious fuel stores, Sri Lanka and the Philippines have taken the extraordinary step of moving some workers to a four-day workweek."

"The bottleneck in the strait, as well as fresh Israeli strikes in Iran and Iranian reprisals on Qatar - a major producer of natural gas - have sent liquefied natural gas prices soaring well into the double digits in Europe and Asia, both net importers. European prices on Thursday surged to their highest level since the war began."

Ongoing Middle Eastern conflict has created severe global energy disruptions, particularly affecting nations outside the United States. Iran's blockade of the Strait of Hormuz, a critical oil transit route, has caused oil prices to surge and triggered widespread fuel shortages across Asia. While American gasoline prices increased by 23.6 percent, developing nations experienced far steeper increases: Nigeria 39.5 percent, Laos 32.9 percent, and Australia 31.8 percent. Several Asian countries face acute fuel shortages requiring emergency measures including work-from-home policies, fuel rationing, and reduced workweeks. Escalating attacks on energy infrastructure threaten further deterioration. Liquefied natural gas prices have surged dramatically in Europe and Asia, compounding economic pressures on net-importing nations.

Read at The Washington Post