Asia faces an energy shock from the Iran war and a closed Strait of Hormuz, as governments halt exports and draw down stockpiles

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For now, the national average for regular gas remains just below $3 a gallon. But prices at the pump usually trail oil by days or even weeks, since stations adjust gradually. Here’s the concern: About 20% of the world’s oil passes through the Strait of Hormuz, a narrow shipping route near Iran. If tensions continue and shipments slow further, drivers could start to feel it just as spring break and summer road trips ramp up.

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