Asia Braces for Worst-Case Oil Scenario as Iran War Drags On

Governments across Asia are preparing for worst-case energy scenarios that could include a prolonged and severe disruption to supplies, as the US and Iran remain at odds over proposals to end a conflict that has roiled global markets.

South Korea shifted into crisis mode on Wednesday, setting up an emergency economic task force to urgently prepare for adverse scenarios. The Philippines declared a national emergency, citing an “imminent danger of a critically low energy supply.”