Malaysians urged to tighten their belts as Iran war fallout starts to bite

Malaysia’s government has urged the public to be ready to tighten their belts over an extended period, with the full effects of the energy crisis triggered by the Iran war expected to kick in as soon as June after the country’s economic buffers run their course. Domestic gas production and costly fuel subsidies have so far shielded the country’s population of 34 million from most of the fallout from the war, which has choked supply for 25 per cent of global seaborne oil trade and nearly a fifth...