The Strait of Hormuz is closed, so Asia is running out of fuel. The prices of crude oil, gasoline, diesel, fertilizer, plastic and semiconductors have doubled. However, exports rose in April in Singapore, Thailand, Vietnam and Malaysia. The success is surprising given the tough year for Asia's economy.
It's been 100 days since the third Gulf war started. The price of Brent crude, the international benchmark, rose by just 1% on June 8th. On June 11th it was around $93 per barrel, more than $30 below its intraday high in April.