Asian buyers are scrambling for oil supplies as the last of the sanctioned Russian and Iranian crude buffers evaporate, tightening the market and pushing prices above $100 per barrel. Context Since the Strait of Hormuz shut down for business, Asian importers have leaned heavily on seaborne crude from Russia and Iran, which has kept the shock from the war somewhat muted. But as those supplies dwindle, the pressure on the region is mounting. Key Data Global oil stockpiles are falling toward a record low, Goldman Sachs notes, while Middle Eastern production has slipped by an estimated 11 million barrels daily due to export disruptions. China has built reserves of over 1 billion barrels, and Japan holds the world's largest oil reserve, ready to release and share with neighbors. India faces a steep rise in fuel prices, and South Korea has approved a relief package worth more than $17 billion to cushion the blow. Quotes Doug Burgum, U.S. Interior Secretary, said that Japan, South Korea and Taiwan have signaled interest in buying more American crude to replace lost Middle Eastern supply, though U.S. output cannot fully cover the gap. The South Korean government announced a $17 billion relief package to help people and businesses weather the price shock. Goldman Sachs warned that global oil stockpiles are declining and about to reach a record low. Outlook With the U.S. refusing to extend a sanction waiver for Iranian oil cargoes, Asian economies will need to accelerate diversification of supply routes and build strategic reserves to mitigate the looming squeeze and protect growth.