The disruption of shipping in the Strait of Hormuz has triggered a global energy crisis, with crude oil prices nearing $120 per barrel. Governments in Asia are taking precautionary measures; for example, Indonesia's energy minister has urged the public to avoid panic buying despite sufficient supplies, while Thailand is considering limiting fuel station operating hours to 10 PM to conserve oil. In India, the rupee has rebounded slightly to 91.85 against the US dollar after hitting an all-time low due to West Asia trade tensions. 

The aviation industry is feeling the immediate impact, with major carriers like Air India and Qantas implementing fuel surcharges to offset skyrocketing jet fuel costs. Several international airlines have suspended earnings guidance or warned of potential route cuts as they struggle with narrowing margins. In New Zealand, the government has refused to subsidize fuel, leading to warnings of flight reductions unless intervention occurs to help airlines cope with the "crack spread" in fuel prices. 

Logistical chains are also under strain, with West Asia-bound containers stranded at major ports like India's JNPA, prompting authorities to waive rent charges. Despite the volatility, some global stock markets showed a marginal rebound today following earlier drops in crude oil futures. However, experts warn that a prolonged closure of the Hormuz Strait could lead to a severe global economic downturn.