Bloc warns surging oil prices, disrupted trade routes already hitting Southeast Asia’s economies
Group photo at the 32nd ASEAN Economic Ministers’ Retreat in Manila, Philippines, on March 13, 2026. PHOTO: REUTERS
Foreign and economic ministers of the Association of Southeast Asian Nations (ASEAN) on Friday called for an immediate halt to the war in the Middle East, and said the effects of surging oil prices and disrupted trade are already hitting Southeast Asia’s economies.
Several members of ASEAN have begun rolling out measures to counter the economic impact, with governments moving quickly to conserve energy, stabilise domestic markets and protect vulnerable sectors such as tourism.
Secretary-General of ASEAN, Dr. Kao Kim Hourn, this afternoon participated in the Special ASEAN Foreign Ministers’ Meeting on the Situation in the Middle East, held via videoconference and chaired by the Secretary for Foreign Affairs of the Philippines, H.E. Theresa P. Lazaro.… pic.twitter.com/lQoSIxne9v
— ASEAN (@ASEAN) March 13, 2026
In a post on X, ASEAN wrote, “The meeting discussed the evolving situation in the Middle East and its broader implications for regional stability, global economic conditions, and energy security.”
The Association added that the ministers highlighted the importance of assisting ASEAN nationals in the affected areas, as well as “strengthening ASEAN’s ongoing initiatives to enhance regional energy cooperation and supply resilience.”
“We expressed serious concern over the situation in the Middle East and its impacts in the region, and emphasised the importance of the immediate cessation of hostilities,” Philippine Foreign Affairs Secretary Ma. Theresa Lazaro told a press conference after a special meeting on the crisis, adding that ASEAN called on all parties to exercise the utmost self-restraint.
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The Philippines, which is chairing ASEAN this year, convened the special meeting as concerns over the Iran conflict deepened. The ministers called for global energy supply chains to be kept open and to activate regional mechanisms to mitigate the economic fallout.
Crude oil is trading near $100 a barrel on worries about supplies, which have been heightened by the vow from Iran’s new supreme leader to keep the Strait of Hormuz, the route for a fifth of global oil supply, closed.
“The escalating conflict has generated broader economic repercussions beyond the region, particularly through heightened volatility in global energy markets and disruption of key maritime and supply chain routes,” the economic ministers of the 11-member bloc said in a statement after a separate meeting.
Lazaro said the Philippines, which is heavily dependent on imported fuel from the Middle East, was considering buying oil from Russia, but she did not elaborate.
Read More: Iran’s new supreme leader vows to attack US bases in Gulf, keep Strait of Hormuz closed
The economic ministers warned that the region’s exposure to global oil and LNG supply routes made it especially vulnerable to further shocks, adding that reinforcing supply chain resilience, accelerating renewable energy transitions and deepening regional cooperation would be essential to preserving economic stability.
The meeting came as the ongoing Middle Eastern war rages on. The leaders of Iran, the United States, and Israel have all voiced defiance, vowing to fight one. The war has killed thousands of people and has disrupted the lives of millions of others.
The Israel Defence Forces said on Friday its air force struck more than 200 targets in western and central Iran over the past day, including ballistic missile launchers, air defence systems and weapons production sites, as part of its operation dubbed Operation Roar of the Lion.
Meanwhile, Iran launched a barrage of missiles towards Israel overnight, undermining earlier US and Israeli claims to have knocked out much of Iran’s stock of long-range weapons.
