ASEAN leaders adopt measures to ease economic pain caused by Iran war
Key takeaways
- The bloc currently imports more than half of its crude oil from the Middle East.
- On Friday, leaders gathered in the Philippines for a summit of the Association of Southeast Asian Nations (ASEAN), with the closure of the Strait of Hormuz dominating the agenda.
- Members agreed to a regional fuel-sharing framework in a bid to ease the economic strain caused by the more than two-month closure of the strategic waterway, which has triggered a global energy crisis.
Why this matters: an international story with cross-border implications worth tracking.
The bloc currently imports more than half of its crude oil from the Middle East.
xwhatsapp-strokecopylinkgoogle Add Al Jazeera on Googleinfo ASEAN leaders pose for a group photo during a welcome ceremony for the 48th Association of Southeast Asian Nations summit in Cebu, central Philippines on May 8, 2026 [AFP]By Daniel Khalili-Tari, AP and Reuters Published On 8 May 20268 May 2026Southeast Asian leaders have agreed on measures aimed at reducing the impact of the Iran war on their economies, but conceded that the initiatives will take considerable time to come into effect.
On Friday, leaders gathered in the Philippines for a summit of the Association of Southeast Asian Nations (ASEAN), with the closure of the Strait of Hormuz dominating the agenda.