40 days of reserves

The Philippines became the first country to declare a state of emergency over the energy crisis caused by the war in Iran. It has petroleum reserves for 40 to 45 days. Protesters took to the streets of Manila over fuel prices. South Korea activated its emergency economic response. Japan began releasing oil from state reserves.

The war is four weeks old. The Strait of Hormuz, through which 130 ships a day passed before the conflict, now sees six or fewer, and those cross with Iranian permission. Brent hovers around $110-$115 per barrel. Goldman Sachs projected prices will remain above $100 through 2027. In the United States, mortgage rates have risen partly due to the war, stalling a housing market that was already struggling.

In Africa, aid agencies are warning that rising costs threaten food security in Sudan, Somalia and Ethiopia, where millions are already facing drought, hunger and conflict. The Philippines at 40 days from running out of oil is the most extreme version of a crisis with gradients across the developing world. Sri Lanka turns off its lights. Zimbabwe pays $2 per litre. Manila declares an emergency. None of these countries fired a single missile.