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Vietnam’s trade ministry is urging businesses to encourage employees to work from home to curb fuel consumption as the country grapples with supply disruptions and sharp price increases triggered by the U.S.-Israeli war involving Iran.
In a statement on Tuesday, the government said Vietnam has been among the nations hardest hit by the turmoil due to its heavy reliance on energy imports from the Middle East. Citing a report from the Ministry of Industry and Trade, it called on companies to “encourage work-from-home when possible to reduce the need for travel and transportation.”
Fuel prices have surged since the end of last month, with gasoline up 32%, diesel rising 56% and kerosene climbing 80%, according to data from Petrolimex, the country’s top fuel trader. Long lines of cars and motorbikes were seen at petrol stations in Hanoi on Tuesday.
The ministry also urged businesses and individuals not to hoard or speculate on fuel.
GAS PRICES COULD JUMP AS MIDDLE EAST TENSIONS THREATEN GLOBAL OIL SUPPLY
Prime Minister Pham Minh Chinh on Monday held calls with leaders of Kuwait, Qatar and the United Arab Emirates to secure additional fuel and crude oil supplies. The government has also removed import tariffs on fuels through the end of April in a bid to ease pressure on the market.
President Donald Trump’s strikes on Iran have made for volatile crude markets, with prices surging to $120 a barrel in the U.S. over the weekend before dipping back to just over $80 on Monday night as Trump spoke to a Republican retreat in Florida.
Prices have stabilized after Trump assured investors the Strait of Hormuz will be safe for oil tankers in the Middle East, a notorious choke point for the largely dismantled Iranian regime.
TRUMP IS REALIGNING WORLD ENERGY MARKETS AND THE IRAN STRIKES ARE ACTUALLY HELPING
The situation in the region remains tenuous as Iran has announced Mojtaba Khamenei as the next supreme leader, a decision that Trump told Fox News that he “was not happy” about.
“I don’t believe he can live in peace,” Trump said from Air Force One.
Iran’s Revolutionary Guard said Tuesday they would not let any oil out of the Middle East until U.S. and Israeli attacks cease, a threat that had prompted Trump to threaten to hit Iran “20 times harder” if it blocked exports.
US SIGNALS READINESS TO ESCORT TANKERS THROUGH HORMUZ AS TRAFFIC THINS BUT NO MISSION LAUNCHED
Despite the defiant rhetoric from both sides, investors placed strong bets Tuesday that Trump would call off his war soon, before the unprecedented disruption it has caused to energy supplies causes a global economic meltdown.
“I’m hearing they want to talk badly,” Trump said, as the Department of War has claimed 50 Iranian naval vessels have been sunk and Trump is suggesting the war objections are weeks ahead of schedule, if not nearly “complete.”
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“It’s possible,” Trump added of engaging the new Iranian leadership, descendants of the deceased leaders, but said it “depends on what terms, possible, only possible.”
“You know, we sort of don’t have to speak anymore, you know, if you really think about it, but it’s possible,” he said.
Fox News’ Trey Yingst and Reuters contributed to this report.
