The global energy crisis is intensifying as disruptions through the Strait of Hormuz push oil and fuel prices sharply higher. Countries across Asia, Africa, and Europe are facing shortages, rationing, and panic buying. Airlines are canceling flights, governments are cutting taxes and subsidizing fuel, and some nations are restricting exports to protect domestic supplies. If the conflict continues, the financial cost of these emergency measures could become overwhelming.
Fuel shortages are spreading worldwide: flights are being canceled, gas stations are running dry, and governments are imposing subsidies, price caps, and export limits as the Iran war drives oil prices higher. #Oil #StraitOfHormuz #Energy #IranWar pic.twitter.com/ylgWMynUI3
— Matthew Brady (@mattbrady775) March 30, 2026
- Global fuel shortages are spreading across Asia, Africa, and Europe after the Iran war disrupted oil shipments through the Strait of Hormuz.
- Asian countries are experiencing the worst immediate effects, including empty gas stations, panic buying, fuel rationing, and flight cancellations.
- Jet fuel prices have surged sharply, with European jet fuel up 114% and Singapore jet fuel up 140% since the conflict began.
- Vietnam Airlines, Vietjet, and Air New Zealand have cut or canceled flights because of limited fuel supplies and rising costs.
- Australia cut fuel taxes for three months after diesel exceeded A$2.82 per liter and petrol reached nearly A$2.40. Hundreds of stations have run out of at least one type of fuel.
- Japan will keep its strategic oil reserves primarily for domestic use, even as the Philippines and Vietnam seek help. Japan is also expanding coal-fired power generation to conserve LNG supplies.
- India imposed export taxes on diesel and jet fuel while reducing domestic fuel taxes to keep prices down. India is also dealing with panic buying and shortages of LPG and LNG.
- Thailand has introduced tighter controls on fuel pricing and inventory disclosures while many stations ration diesel amid a surge in demand.
- Kenya is using government funds to stabilize prices after some rural gas stations ran dry.
- Poland plans to cut fuel taxes and cap prices, while the Czech Republic is considering limiting fuel retailer profit margins.
- Governments are increasingly using subsidies, price caps, tax cuts, and export restrictions to protect consumers, but many countries risk worsening budget deficits if oil prices remain elevated.
