Daily Brief: Malaysia Diesel Surges 57.7% on Iran War Energy Chaos

Malaysia's diesel price surged 57.7% over the past week to $1.023 per liter, the largest move among tracked markets, as the Iran war fuels energy chaos across Asia, according to reports from the Council on Foreign Relations and The Edge Malaysia. The government has directed [news reports indicate] save on energy costs, per Reuters, while economists warn of prolonged oil shock risks to food security.

In Latin America, Uruguay saw diesel climb 49.3% to $0.999/L, with DW.com noting how renewable energy can shield economies from such shocks. Argentina's gasoline rose 30.5% to $0.934/L amid a free-market test for President Milei, as reported by Reuters, though the Buenos Aires Times notes a shift to maintain prices. Meanwhile, DR Congo gasoline fell 30.7% to $1.697/L, even as the Bantu Gazette reports the country raised fuel prices due to Middle East crisis-driven refining costs.

Watch for further volatility in Asian markets as Malaysia's energy crisis deepens, and for potential policy responses in Argentina as the government [news reports indicate]ing into gasoline, per Reuters. Sub-Saharan Africa remains [news reports indicate] conflict, per Zero Carbon Analytics.