Iran conflict disrupts oil supply to Asian countries dependent on Middle East

try{ var _=i o; . if(!_||_&&typeof _==="object"&&_.expiry Oil prices surge after U.S.-Israel strikes on Iran; crude around $80/bbl likely Gold prices jump 2% amid widening US-Israel conflict with Iran Asia stocks slide as US-Iran strikes batter risk appetite Middle East tensions rise as Iran promises retaliation (South Africa Philippines Nigeria) Iran conflict disrupts oil supply to Asian countries dependent on Middle East By Reuters Commodities Published 03/02/2026, 03:39 AM Updated 03/02/2026, 03:42 AM Iran conflict disrupts oil supply to Asian countries dependent on Middle East 0 CL 8.37% NG 5.84% 8001 -1.74% 5020 3.76% By Katya Golubkova, Yuka Obayashi and Nidhi Verma TOKYO/NEW DELHI, March 2 - The widening Iranian conflict is disrupting oil flows to several Asian countries as vessels are bottled up within the Middle East Gulf and crude and transport costs are rising, industry sources and analysts said on Monday. The disruptions highlight the risks to Asia, the world’s biggest oil consuming region, which sources 60% of its oil from Middle Eastern producers, from the fighting between the U.S. and Israel on one side and Iran. U.S. President Donald Trump signalled the U.S.-Israeli military assault could continue for weeks, which could mean a prolonged disruption of traffic through the Strait of Hormuz, a pinch point through which some 20% of global oil output and a similar share of liquefied natural gas transits via ships from Middle East producers. Attacks on Sunday damaged three tankers and killed one seafarer while the initial attacks caused some 200 ships to drop anchor near the Strait to avoid any risk. On Monday, ship insurers cancelled war risk cover while industry sources expect tanker freight rates to jump as shippers keep vessels away. "Iran has not officially shut the Strait of Hormuz but risk aversion from shippers is a real phenomenon. Transit volumes have already declined with vessels parking outside the Strait," Citi analysts said in a note. Global o...