Global Response: Tackling Energy Crunch Amid Conflict

Amid a soaring global energy crisis exacerbated by the U.S.-Israeli conflict with Iran, various countries are implementing measures to mitigate economic fallout. South Korea plans to cap fuel prices, Japan prepares to release oil reserves, Vietnam removes fuel import tariffs, and Bangladesh closes universities to conserve resources.

Oil prices are surging as global markets stagger under the weight of the escalating U.S.-Israeli conflict with Iran. Concerns over a potential squeeze on energy supplies are prompting countries around the world to enact strategies aimed at safeguarding their economies.

In South Korea, President Lee Jae Myung announced plans to cap domestic fuel prices for the first time in almost three decades. This policy forms part of a broader initiative to seek alternative energy sources beyond the Strait of Hormuz. Additionally, a market-stabilization program worth 100 trillion won may be expanded if necessary.

Meanwhile, Japan has instructed a national oil reserve to prepare for a possible crude release, though the timing remains uncertain. Vietnam, on the other hand, is set to abolish import tariffs on fuels until the end of April to secure supplies. In Bangladesh, all universities will close, and Eid al-Fitr holidays will be moved forward to conserve electricity and fuel.

(With inputs from agencies.)