Asia is facing an oil crisis, indicating that Europe will face a difficult period.

According to The Wall Street Journal, the oil shock caused by the conflict in Iran has spread to Asia, where local factories are reducing production to save energy and some gas stations are informing drivers that they can only partially fill up their tanks. Economists say this is a sign that European and African countries that also depend on Middle Eastern imports will soon face similar challenges. Data from the Oxford Economics Research Institute shows that after Iran blocked the Strait of Hormuz, global oil supply fell by 10% from before the conflict. The strait is also a key transportation route for liquefied natural gas, which many countries rely on for electricity generation and fertilizer production. The Asia-Pacific region is the first to face serious energy supply constraints, as it is geographically closer to the Gulf region, meaning that most ships in transit have already reached their destinations when the conflict broke out. To make matters worse, many countries in Asia have low domestic energy reserves, with only a few countries like Japan and South Korea holding large buffer stocks. President Trump said last Wednesday that U.S. military action in Iran may gradually end in about three weeks. However, the end of the conflict does not mean that Iran will immediately reopen the strait. Shipping delays will further strain energy supplies, and damage to key energy infrastructure in the Gulf region will have the same effect. This puts Europe and many African countries at high risk. As a net energy exporter, the United States is less likely to experience supply shortages, even though rising oil prices could increase consumer burdens.