Summary
Due to a conflict in Iran and the closure of the Strait of Hormuz, oil prices have risen significantly. In response, several countries are taking steps to manage the impact on their economies and citizens by introducing measures like fuel rationing, free public transport, and adjusting working conditions.
Key Facts
- The Strait of Hormuz is closed, affecting the flow of oil and natural gas globally.
- UK petrol prices are at an 18-month high, and the government has prepared measures to address potential profiteering.
- Public transport in parts of Australia will be free to encourage less driving.
- Egypt is limiting store hours and advising remote work to reduce fuel use.
- The Philippines declared a national emergency and plans to stockpile more oil.
- Sri Lanka introduced a public holiday and fuel rationing to manage demand.
- Thailand is implementing energy-saving practices, including lower air conditioning use.
