The ongoing war in Iran has ignited a significant crisis in the global oil market, pushing prices to record highs above $100 per barrel. Analysts warn that this situation could lead to the largest supply disruption in the history of oil markets, drawing comparisons to past events such as the 1973 embargo. As the conflict escalates, with over 6,000 US airstrikes reported and calls for the closure of the Strait of Hormuz by Iranian officials, fears of a prolonged fuel panic have gripped Asia and other regions. Economic repercussions are evident, with stock markets reacting negatively and forecasts suggesting oil prices could rise even further, potentially reaching $150 a barrel. Additionally, emergency measures have been implemented in several Asian countries to cope with the crisis, further highlighting the widespread impact of the conflict. While government efforts to stabilize prices are underway, the outlook remains grim amidst rising tensions and uncertainty in the region.