The military operations by the United States and Israel against Iran have entered their third week, as Iran’s blockade of the Strait of Hormuz has raised global oil prices. Countries around the world are pulling out all the stops to deal with high oil prices.
The international benchmark Brent crude oil price continues to hover around $100 per barrel. The Strait of Hormuz carries one-fifth of global oil shipments. On Sunday, March 15, U.S. crude oil prices surged past $100.
Last Wednesday, March 11, the International Energy Agency (IEA) agreed to release 400 million barrels of oil to address the supply disruptions caused by the Iran conflict. This is the largest relief operation in the history of the institution. The IEA did not set a specific timetable for when the oil would be released to the market, stating that it will be phased according to the specific circumstances of its 32 member countries.
Governments and businesses around the world are also taking various measures in response, including price caps on fuel, banning fuel exports, relaxing refining standards, implementing a four-day work week, and even requiring workers to use stairs and wear short-sleeved shirts.
Some countries are increasing domestic fuel supplies as much as possible to avoid relying on imported fuel.
U.S. Energy Secretary Chris Wright announced on Wednesday, March 11, that as part of global coordination efforts, the U.S. will release 172 million barrels of oil from the Strategic Petroleum Reserve to stabilize energy markets during the Iran conflict. He also stated that the Trump administration will replenish an additional 200 million barrels of oil within the next year to cover the shortfall created by this release, without any cost to taxpayers.
According to data from the American Automobile Association (AAA), the average gasoline price in the U.S. rose to $3.63 per gallon last Friday, a 21% increase from before the U.S. engaged in conflict with Iran.
Japanese Prime Minister Sanae Takichi announced last Wednesday that Japan plans to act ahead of the IEA by releasing national oil reserves as early as this Monday, March 16, due to Japan’s “abnormally high reliance on Middle Eastern oil.”
The last time Japan released oil reserves was after Russia’s invasion of Ukraine in 2022. As of the end of 2025, Japan’s oil reserves amount to around 470 million barrels, equivalent to 254 days of usage. The release to the market is expected to ease supply concerns and potentially restrain price increases on gasoline, plastics, and other products made from oil.
Reportedly, Prime Minister Sanae Takichi stated that she plans to set a maximum retail gasoline price of an average of 170 Japanese yen (1.07 U.S. dollars) per liter and added that prices could potentially reach 200 yen per liter.
South Korean President Jae Myung Lee announced last Friday that the government has implemented a cap on oil prices. He remarked, “Due to the unstable international situation, domestic fuel prices are fluctuating significantly, and we have decided to set a clear price limit on supply in order to suppress price increases.”
India has called for prioritizing oil refineries to supply liquefied petroleum gas to 330 million households that primarily use it for cooking fuel, as well as over 3 million businesses that use commercial LPG cylinders.
According to Reuters, Beijing ordered oil refineries last Thursday to halt exports of finished oil products to alleviate potential fuel shortages domestically. Sources told Reuters the ban, issued by the NDRC, covers the transport of gasoline, diesel, and aviation fuel.
Some countries are striving to ensure alternative energy supplies to maintain electricity supply, while others are focusing on reducing electricity demand.
After years of companies trying to convince employees to return to the office post-pandemic, some countries are reintroducing work-from-home policies. Reports indicate that Vietnam and Thailand have allowed remote work for employees. Vietnam also encouraged people to limit the use of private cars.
On March 10, the Thai government announced a temporary pause on officials traveling abroad for training, official visits, and inspections. At the same time, the Thai Ministry of Energy proposed multiple energy-saving measures, suggesting that government and private offices set air conditioning temperatures at 27 degrees Celsius, allow employees to wear short-sleeved shirts to work, and reduce the use of elevators and photocopiers.
The Philippines and Pakistan have also implemented a four-day work week for government employees, with Bangladesh even adjusting its calendar to bring forward the Eid holiday, allowing universities to close early to save fuel.
According to Pakistan’s Dawn newspaper, authorities have called for the “elite and privileged classes to lead by example” in implementing energy conservation measures. This includes cutting government vehicle fuel subsidies by half for the next two months, taking 60% of government vehicles off the roads; federal cabinet members will temporarily not receive salaries, with a 50% salary reduction for MPs, and government bodies are prohibited from purchasing cars, furniture, air conditioning units, and more.