TOKYO — Despite slowing demand, fears are rising that oil prices will top $100 a barrel as tensions mount in the Middle East, threatening Asia, home to the world's biggest net oil importers.
In the first week of October, Iran fired missiles at Israel, which promised to make Iran “pay” for the attack. This led to speculation that Israel could retaliate by striking Iran's oil infrastructure, or that the escalation could lead to the closure of the Strait of Hormuz, a waterway bottleneck through which 70% of Asia's oil imports are received.