Nomura says more than 90 per cent of the crude oil imported by Japan and the Philippines comes from the Middle East.

The U.S. naval blockade of the Strait of Hormuz threatens to halt more tanker traffic, sending oil surging and risks drawing China into a widening confrontation with Washington.

Oil prices have been rising as shipping through the strait has essentially stalled since late February.

Across Asia, factories are closing, flagship airlines are cutting routes, and people are lining up for hours to buy cooking gas, all because of the war in Iran.

Nomura says more than 90 per cent of the crude oil imported by Japan and the Philippines comes from the Middle East.