The Philippines has declared a national energy emergency in response to disruptions caused by the U.S.-Israeli war with Iran, highlighting growing pressure on Asian economies as global oil supplies tighten.

President Ferdinand Marcos Jr. said the conflict threatens “the availability and stability” of the country’s energy supply. The emergency declaration gives the government authority to regulate fuel prices and accelerate imports from alternative sources, including Russia.

Officials said the Philippines currently has fuel reserves sufficient for approximately 45 days under normal consumption.

The move follows similar actions across Asia. South Korea has launched a nationwide energy-saving campaign, urging citizens to reduce consumption, while Japan announced plans to release oil from its strategic reserves, equivalent to a 30-day supply. Governments in Thailand and Vietnam have also encouraged conservation measures.

The escalating crisis has drawn warnings from global energy officials. Fatih Birol, head of the International Energy Agency, said the current disruption exceeds the scale of energy shocks seen in the 1970s and poses a “major” threat to the global economy.

The surge in oil prices has been driven in large part by disruptions to the Strait of Hormuz, a critical chokepoint through which roughly one-fifth of the world’s oil—about 20 million barrels per day—normally passes.

Analysts warn that prolonged instability in the region could deepen the global energy crisis, with far-reaching economic consequences across both developed and emerging markets.