Global Oil Supply Shock and Its Impacts on ASEAN Energy-Economy in Oil & Companies News 04/06/2026 The world is still navigating the global oil supply shock, more than two months after the Strait of Hormuz first closed on 28 February. As one of the most critical global oil and gas shipping routes, the closure of the waterway is said to create the largest supply shock ever experienced in the energy market. With almost 90% of the shipment in the Strait flows toward Asia, ASEAN is not immune to the situation. Over 50% of ASEAN’s crude oil imports have consistently come from the Middle East for the last five years. As a result, the region is exposed to risks, particularly in the energy market and economic stability, as highlighted in the Joint Statement of ASEAN economic ministers following the development. Discussions on the extent to which ASEAN Member States (AMS) are affected, and on how best to navigate the situation, remain contentious in the energy landscape. The oil supply disruption due to the closure of the Strait of Hormuz immediately affected oil prices in AMS, which are highly dependent on the Middle East market. Among the AMS, the Philippines and Vietnam’s dependence on crude oil from the Middle East are the largest (95% and 88% of their total crude oil imports, respectively). Following them, Malaysia, Thailand, and Singapore imported more than half of their total crude oil imports from the Middle East. The dependence of most AMS on the Middle East market also exists in gas and oil products. Recent data as of April 21st, 2026, showed that Brent crude oil traded at nearly USD 120 per barrel, which is around 55% increase from the pre-crisis level in February 2026. Consequently, gasoline prices in most AMS have risen sharply, reflecting supply distortions in the oil market and higher import costs. The Philippines reported a gasoline price increase of more than 50% of the pre-supply crisis. The impacts of rising fuel prices in the Philippines have been exa