That is driving up the dollar, which is approaching its highest value against Asian currencies in the past two decades. The Philippines on Thursday said it had suspended spot sales of electricity until further notice due to fuel supply risks and price volatility caused by the Iran war. The high oil price and supply chain shocks are also being felt in China's southern manufacturing hub of Dongguan. Higher crude prices feed directly into retail fuel prices, raising the cost of petrol, diesel, aviation fuel, cooking gas, and business and manufacturing operations worldwide. I also bought lots of ramen ... because the cost of plastic packaging probably accounts for a big part of the product's price."

Source: The Telegraph March 26, 2026 10:01 UTC