FEATURE | Air raids continue as Iran military dismisses Trump negotiation talk

Since the start of "Operation Epic Fury" by the US in February, Iran has attacked countries that host US bases, struck gulf energy infrastructure and effectively closed the Strait of Hormuz, conduit for a fifth of the world's oil and liquefied natural gas.

Iran has told the United Nations Security Council and the International Maritime Organisation that "non-hostile vessels" may transit the Strait of Hormuz if they coordinate with Iranian authorities, according to a note seen by Reuters on Tuesday.

The effective closure of the waterway, where 20 per cent of the world's oil and gas normally transits, has created the worst energy supply shock in history, sent fuel prices soaring, and disrupted global aviation.

Asia is at the frontline of the fuel crisis, buying more than 80 per cent of the crude that transits the Strait of Hormuz, and governments there are scrambling to respond to fuel shortages with policies such as enforced work-from-home and stimulus measures enforced during the COVID pandemic era. Some countries have declared public holidays and closed schools.

The International Energy Agency has agreed to a record release of around 400 million barrels of oil from strategic stockpiles to deal with the crisis, and Japanese Prime Minister Sanae Takaichi asked IEA chief Fatih Birol for an additional release of oil when they met on Wednesday, Jiji Press reported.