# Asia seeks to store oil and gas closer to home after Strait of Hormuz crisis

https://mins.news/en/item/43124

- Al Jazeera, 2026-09-03 04:26 UTC
- Economy
- Original: https://www.aljazeera.com/economy/2026/9/3/asia-looks-to-store-oil-gas-closer-to-home-after-strait-of-hormuz-crisis?traffic_source=rss

> Asian economies are expanding storage capacity after conflict involving Iran and the United States and Israel sharply reduced shipping through the Strait of Hormuz and drove up energy prices. Japan has proposed the $10bn POWERR Asia initiative, while India, the Philippines and Thailand pursue larger strategic reserves and related infrastructure.

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