Malaysia faces crisis as Iran war sends fuel prices soaring

Malaysia is experiencing an economic strain due to the ongoing conflict around Iran and rising energy prices, New Straits Times reports, citing the country's Transport Minister Anthony Loke.

"For the past month, energy costs have risen by more than 100 per cent. Many industries are affected," he said. 

The government is holding weekly meetings of the National Economic Action Council to coordinate measures against potential supply disruptions. Over the past month, fuel prices in the country have increased by more than 100%.

Loke warned although the full impact has yet to be felt, Malaysians must begin adopting fuel-saving habits to cushion against potential disruptions if the conflict prolongs.

Prime Minister Anwar Ibrahim highlighted that nearly half of Malaysia’s oil imports pass through the Strait of Hormuz, and the country imports more crude than it produces domestically.

The conflict in the Middle East escalated on February 28 following large-scale military strikes by the United States and Israel on multiple sites in Iran, which Tehran said targeted civilian and strategic infrastructure.

The attacks have since triggered a broader regional crisis, with retaliatory measures by Iran — including restrictions on vessel movements in the Strait of Hormuz — raising concerns over global energy security and shipping routes.

By Khagan Isayev