Asia Races to Contain Energy Crunch as Oil Spikes Over $100

Asia’s energy-importing economies are scrambling to contain the impact of a widening Middle East war that has upended oil and gas markets and is now battering ordinary buyers, from farmers to car manufacturers and crematorium operators.

During an emergency meeting on Monday, South Korea’s President Lee Jae Myung became the latest to call for a swift cap on fuel prices — a step the government could take this week. Taiwan, which also depends almost entirely on energy imports, has already set a weekly limit on oil-price increases, while Japan’s prime minister has said the country is examining measures to ensure gasoline prices do not exceed acceptable levels.