Iceland joins Germany, Sweden, Poland, Italy, Hungary, France, and the wider European bloc in an urgent economic response because escalating Middle East geopolitical tensions and Strait of Hormuz uncertainty are driving a sharp surge in global oil prices, tightening fuel supplies, and destabilising shipping and aviation costs across international markets.

Asia’s travel and aviation network has been pushed into urgent disruption as Japan joins Vietnam, South Korea, India, Thailand, Singapore, Sri Lanka and other countries in a coordinated response to rising energy shortages, soaring airfare prices and escalating airline operational costs, triggered by instability in global oil supply chains linked to the Strait of Hormuz crisis affecting UAE, Qatar, Israel, Saudi Arabia and Oman.