Asian oil buyers assess stockpiles, Middle East alternatives as Iran conflict escalates

LONDON: Asian governments and refiners rushed to assess ​oil stockpiles as well as alternative shipping routes and supplies as the Iran conflict disrupted shipping in the crucial Strait of Hormuz, with oil prices expected to rise when trading resumes on March 2. Asia will feel the biggest impact from any disruption in Middle East oil supply as it buys two-thirds of its crude from the Gulf, with half of the top global importer China’s supply and 90 percent of Japan’s coming from the region.

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