Oil shortage! The ongoing Middle East conflict spreads the crisis to other sectors.

According to a CNN report on April 4th, as the Middle East conflict enters its second month, the oil shortage crisis risks escalating into a worse situation—a shortage of almost everything. The Middle East conflict has severely restricted oil and gas transport through the Strait of Hormuz, resulting in a reduction of approximately one-fifth in global supply. This disruption has not only driven up fuel prices but also squeezed the supply of petrochemical products needed to manufacture everyday consumer goods such as shoes, clothing, and plastic bags. As prices for materials like plastics, rubber, and polyester rise, this pressure is spreading to every corner of the consumer market. Asia is currently the most affected, home to more than half of the world's manufacturing and heavily reliant on imported oil and other commodities. Dan Martin, co-head of business intelligence at Deloitte Leading Consultants, stated that this will very, very quickly impact all goods, such as beer, noodles, potato chips, toys, and cosmetics, because plastic bottle caps, shipping pallets, snack bags, and containers are becoming increasingly difficult to procure. Martin added that adhesives used in footwear and furniture, industrial lubricants for machinery, and solvents used in paints and cleaning processes also rely heavily on petroleum-derived products.