Asian Governments Act on Soaring Oil Prices

Governments across Asia and beyond are implementing emergency measures to shield their economies from soaring oil prices triggered by the escalating U.S.-Israeli conflict with Iran, which has disrupted global energy supplies and pushed crude costs toward $120 a barrel.

The conflict, which intensified with U.S. airstrikes on Iran last month, has led to reduced output from Middle Eastern suppliers and the effective closure of the Strait of Hormuz, a vital chokepoint for about 20 percent of the world's oil trade. Oil prices in London and New York have jumped as much as 67 percent in recent days, while European gas benchmarks rose over 30 percent in a single session. Financial markets have skidded amid fears of broader supply shortages that could hamstring industries and raise inflation worldwide.

In South Korea, which imports nearly all its energy and relies on the strait for about 70 percent of its oil shipments, President Lee Jae-myung announced on Monday that authorities would impose a cap on domestic fuel prices for the first time in nearly 30 years. "Authorities should swiftly introduce and boldly implement the maximum fuel price system to curb excessive price increases," Lee...