The US-Israel war on Iran has rattled global energy markets, as countries scramble to secure fuel, conserve supplies and rethink exports.Tehran has effectively halted most traffic through the Strait of Hormuz, a key shipping lane between the Gulf – also known as the Arabian Gulf and the Persian Gulf – and the Gulf of Oman, which supplies one-fifth of the world’s oil, in retaliation for the US-Israeli attacks, which started on February 28.Recommended Stories list of 3 itemsend of listWith tanker traffic severely reduced and crude oil prices surging past $100, major oil-importing nations such as Bangladesh and Thailand are looking for workarounds to avert a crisis at home, including diversifying crude suppliers and rationing fuel.Nevertheless, analysts doubt that any alternative can ensure long-term energy stability as the Middle East remains the world’s main oil and gas supplier.Here are four strategies countries are enacting to ease the impact of the war on their fuel needs:Turning to Russia, other suppliersIndia has resumed buying Russian oil after halting imports from its old ally following US sanctions against Moscow’s biggest oil producers.This, after the US temporarily exempted India from sanctions on buying Russian oil shipments currently stranded at sea, aiming to prevent disruptions to global supply and curb further spikes in energy prices. The 30-day waiver would end in early April, but it can be extended by the Trump administration.“Russian oil can help cushion a short-term supply shock, but its usefulness depends on two uncertain conditions: that Russian barrels remain available an …
