Middle East crisis: Asia faces bunker fuel crunch amid Strait of Hormuz disruption, raises cost concerns

The disruption in the Strait of Hormuz has triggered a major disruption in the supply of bunker fuel for Asia, raising concerns over higher freight costs and global consumer prices. Bunker fuel prices in Singapore have jumped significantly, and shipping companies are adjusting their operations. Asian countries are seeking to mitigate the energy crisis by increasing coal consumption and importing Russian crude.