Asia ‘scraping the bottom of the barrel’ as Red Sea oil blockade worsens energy crisis

The article says a new Houthi blockade of Saudi oil shipping through the Bab al-Mandab strait is worsening an already fragile Asian energy situation. With the Strait of Hormuz still disrupted, Japan, South Korea, the Philippines and other import-heavy economies are facing tighter supply, higher freight costs and rising inflation. Tankers are rerouting via the Suez Canal or around Africa, which adds major time and expense, while war-risk insurance premiums have reportedly doubled. Asian governments are being forced to lean on strategic reserves, fuel subsidies and tax cuts, but the report warns inventories are low and consumers will likely bear the cost. The broader market impact is supportive for oil prices and potentially bullish for energy-related assets, while pressuring Asian currencies, transport costs and regional growth expectations.