The widening conflict in West Asia is expected to dominate discussions at Friday’s (March 13, 2026) ASEAN Economic Ministers’ retreat, with Foreign Ministers also holding a virtual meeting on the same day to tackle a deepening crisis that has upended global markets. The Philippines, this year’s ASEAN chair, is hosting the meetings as officials weigh impacts and responses to surging oil prices as well as disruptions to shipping, logistics, and trade flows across the region’s export-reliant economies.
LPG crisis updates LIVE: Alternate fuel options being activated to ease pressure on LPG, gas, says Oil Minister
“The concern is a given,” Philippine Trade Undersecretary Allan Gepty told reporters, saying the region could not ignore the effects of the crisis on inflation and jobs. Joint U.S. and Israeli strikes on Iran launched almost two weeks ago have so far killed around 2,000 people and have thrown global energy markets and transport into chaos. The conflict has effectively shut the Strait of Hormuz, the chokepoint that funnels about a fifth of the world’s oil and LNG to Asia, sending crude surging to above $100 a barrel.
Iran sets three conditions for ending war
The crisis has forced ASEAN Foreign Ministers to call a special virtual meeting to assess the implications for Southeast Asia, where several economies rely heavily on crude and LNG shipments from the Gulf. The Philippines sources much of its oil needs from West Asia and Qatar’s LNG halt has also tightened supplies.
