KUALA LUMPUR - Governments across Asia are acting quickly to limit the impact of soaring oil prices after the widening conflict involving Iran caused one of the largest daily jumps in global crude in years.

Brent crude prices surged about 25% on Monday due to fears of supply disruptions, production cuts by major producers, and the continued closure of the Strait of Hormuz, according to Reuters.

The spike followed Iran’s appointment of Mojtaba Khamenei as the new supreme leader, succeeding his father Ali Khamenei, signalling that hardline leadership will continue.

In response, Asian governments have introduced emergency measures to protect consumers and stabilise energy supplies.

In South Korea, President Lee Jae Myung announced the first fuel price cap in nearly 30 years, warning citizens not to panic-buy goods.

Lee said during an emergency meeting that the crisis represented a heavy burden on our economy, which relies heavily on international trade and imports about 70% of its oil from the Middle East.

In Japan, senior lawmakers said the government instructed operators of national oil reserves to prepare for a possible release, though Chief Cabinet Secretary officials later said no decision had been made.

Japan imports about 95% of its oil from the Middle East and currently holds reserves sufficient for roughly 354 days.

Other governments have also acted to cushion rising energy costs, with Vietnam removing fuel import tariffs and Bangladesh temporarily closing universities to conserve electricity and fuel.

China has tightened domestic fuel supply by asking refiners to halt exports and cancel some already ordered shipments.

In the United States, President Donald Trump downplayed concerns about rising petrol prices, which had already increased about 11% over the past week.

Senate Minority Leader Chuck Schumer urged the US administration to release oil from the Strategic Petroleum Reserve to ease fuel market pressures.

Oil markets were further affected by supply disruptions in the Middle East, with Iraq reducing output at its main southern oilfields by about 70%, to roughly 1.3 million barrels per day.

Kuwait Petroleum Corporation also cut output and declared force majeure, while Qatar suspended liquefied natural gas shipments.

Analysts warned that Saudi Arabia and the United Arab Emirates may soon need to reduce production as storage facilities fill up due to the Strait of Hormuz closure.