The US-Iran conflict impacts the Asian energy market; Bangladesh closes universities to save electricity

WealthCoffee · 2026-03-10T05:32:56+00:00

The US-Iran war impacts global oil and gas prices and supply chains. In response to energy shortages, Bangladesh has decided to close universities to reduce electricity demand and traffic congestion. On February 28, the US and Israel launched airstrikes against Iran, triggering retaliation and obstructing passage through the Strait of Hormuz.

WealthCoffee

2026-03-10 05:32:56

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[Caixin] The ongoing US-Iran war continues to impact global oil and gas prices and supply chains, which has already affected the Asian energy markets.

On March 9, Bangladesh, a South Asian country, announced the closure of all universities nationwide and an early start to the Ramadan holiday to alleviate energy supply tensions caused by the US-Iran conflict.

Bangladesh government officials stated that dormitories, laboratories, and lecture halls on university campuses consume a lot of electricity, and closing schools helps ease pressure on the power system. This move not only reduces electricity consumption but also alleviates traffic congestion, thereby decreasing fuel waste.

On February 28, the US and Israel launched airstrikes against Iran, prompting Iran to retaliate against US military targets in multiple Middle Eastern countries. The conflict has disrupted navigation through the Strait of Hormuz. By 2025, crude oil and LNG transported through the Strait of Hormuz account for 31% and 19.3% of global trade, respectively.

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