How Asia became ground zero for the oil crisis

This episode of The Take explores how Asia has become the first region to feel the full force of a global oil crisis triggered by the U.S.-Israeli war on Iran, with the closure of the Strait of Hormuz disrupting 20% of global oil and gas flows—most of which are destined for Asia. The host, Malika Bilal, speaks with Veena Najibola, Vice President of Research and Strategy at the Asia-Pacific Foundation of Canada, who recounts firsthand experiences across the Philippines, India, and Taiwan, where fuel shortages, price spikes, and emergency measures like four-day work weeks and school closures have severely impacted daily life. Countries with limited strategic reserves—like the Philippines, Bangladesh, and Pakistan—are hit hardest, while even larger economies like India face cascading effects on cooking gas, electricity, and remittances. The episode underscores how the crisis is not just economic but existential for millions, threatening livelihoods, fueling political unrest, and forcing governments to make impossible choices between subsidies and fiscal stability. As the crisis spreads, ripple effects are already visible in food prices, tourism, and global supply chains, with warnings that the full impact will soon reach Europe, Africa, and Latin America. Najibola emphasizes that while some may view the crisis as an inconvenience, for many, it is a matter of survival—and calls for collective awareness, calm action, and solidarity.