The UN predicted the loss of up to $300 billion by the Asian region due to the war in Iran

The states of the Asia-Pacific region may lose up to $300 billion due to the war in Iran, which leads to a deterioration of the economic situation in the region, affects food and energy. This was announced on April 14 in a report by the United Nations Development Programme (UNDP).

"The military escalation in the Middle East is increasing pressure on human development in Asia and the Pacific. As a result of rising prices for fuel, cargo transportation and raw materials, the crisis reduces the purchasing power of households, exacerbates food insecurity, puts a strain on government budgets and [leads to] a deterioration in living standards," the document says, the text of which is cited by TASS.

It also follows from the material that the economic losses of the Asia-Pacific region can range from $97 billion to $299 billion, which is equivalent to almost one percent of the regional gross domestic product (GDP). The largest losses are in South Asia — more than $183 billion, and for East Asia this figure exceeds $108 billion, which is similar to a decrease in GDP by 0.4%.

Oil is not like that: the American blockade of the Strait of Hormuz will even affect China

After the unsuccessful meeting between the United States and Iran in Islamabad, the escalation in the Persian Gulf region is intensifying

Bloomberg reported on April 6 that the management of Saudi Aramco, one of the largest energy companies in the world, increased prices for the flagship Arab Light grade by $17 per barrel for buyers from Asian countries. In May, the cost of Saudi Aramco's main grade of oil for Asian buyers will be $19.5 per barrel higher than the export prices of Oman and the UAE brands. For comparison, in April, this difference was only $2.5. Thus, the gap has reached its maximum value in the entire history of statistical observations.

The Associated Press reported on March 31 that Southeast Asian countries are increasingly competing with each other for Russian oil amid the energy crisis, which has worsened due to the conflict in the Middle East. The publication noted that Asia was hardest hit by the crisis, as a significant part of the oil that was transported through the Strait of Hormuz was sent to this region.

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