Conflict involving Iran and repeated disruption to shipping through the Strait of Hormuz sent fresh shockwaves through global markets, pushing up energy prices and disrupting supply chains. The effects spread well beyond oil markets. Manufacturers faced shortages of critical industrial materials, governments struggled with rising costs, and businesses dealt with higher transport expenses.
According to The New York Times, China emerged in a stronger position than many other Asian economies, relying on strategic planning, state support, and its growing clean energy industry to reduce the impact of the crisis.
