Asia’s Real Energy Test by Yasuto Watanabe
The Iran war has underscored the fragility of global energy markets, exposing which economies can withstand repeated shocks and which cannot. For ASEAN+3 countries, resilience will depend on stronger electricity systems, regional cooperation, and institutions that can manage persistent uncertainty.
SINGAPORE—The past four months have demonstrated just how volatile oil markets can be. In March, Brent crude climbed above $100 a barrel for the first time in four years, reaching $119 on March 9—its highest level since the 2022 energy crisis—as Iran’s closure of the Strait of Hormuz brought tanker traffic to a near-standstill. Prices remained elevated for months and were still above $105 in mid-May.
