The ongoing closure of the Strait of Hormuz has tightened global crude supply, forcing Asian markets to confront steep price spikes and potential refinery shutdowns. Since the U.S. and Israel attacked Iran on February 28, market participants have assumed the waterway would reopen quickly, a belief that has shaped crude futures pricing but has not matched on‑shore realities. Brent futures fell 9.1% to $90.38 a barrel on April 17 after a Trump post that the strait was fully open, only to jump 6.9% to $96.59 in early Asian trade when the closure was confirmed. Jet fuel in Singapore reached $204.13 a barrel on April 17, more than double the $93.45 close on February 27, while gasoil ended at $145.27 a barrel, up 59% since the conflict began but down from the record $199.89 on March 30. Asian seaborne crude imports fell to 20.62 million barrels per day (bpd) in April from 22.36 million bpd in March, well below the 26.76 million bpd average for the three months prior to the attacks. Singapore’s imports dropped to 388,000 bpd in April from 715,000 bpd in March; South Korea’s fell to 1.68 million bpd from 2.24 million bpd; Japan’s to 921,000 bpd from 1.63 million bpd. India bucked the trend, raising imports to 4.67 million bpd in April, aided by 1.64 million bpd of Russian oil. Analysts note that the paper crude market has believed the conflict would be short and that Iran would accept U.S. terms for a peace deal, a view that has been repeatedly challenged by the continued closure. The Iranian Revolutionary Guards Corps has maintained the strait closed, citing the U.S. naval blockade of Iranian ports as a deterrent. The problem for Asia is that the worst of the supply crunch is probably still to come, as crude shipments into the region fall sharply, forcing refinery processing rates to be cut in coming weeks. Looking ahead, Asian refiners may need to adjust schedules and seek alternative sources to mitigate the impact of sustained supply stress, while the market remains cautious about the duration of the closure and its effect on global oil prices.