Southeast Asian leaders have approved measures to reduce the economic impact of the Iran war, including a regional fuel-sharing framework, but acknowledged they will take time to take effect. The announcement came during the ASEAN summit in the Philippines, where the closure of the Strait of Hormuz was a key focus. Leaders also agreed to develop a regional power grid and fuel reserves while reducing energy dependence on the Middle East.

May 8, 2026

World

Southeast Asian leaders meet for ASEAN summit to tackle fallout from Iran war

Southeast Asian leaders met in the Philippines to coordinate a response to the Iran war's impact, which has caused energy prices to spike across the region. The bloc is expected to call for enhanced energy cooperation and the reopening of the Strait of Hormuz. Key members are pushing for voluntary energy-sharing agreements and a regional power grid by 2045.

May 8, 2026