A war waged by the world’s wealthiest nation is hitting the wallets of those who can least afford it

By Salman Saeed and Rhea Mogul, CNN

Dhaka, Bangladesh (CNN) — Every day, Shakil Khan weaves his bike through the relentless traffic of Dhaka, delivering items and ferrying passengers across the city. However, these days he’s waiting hours in long queues at gas pumps to fill his bike within a government cap on fuel purchases.

Khan is one of tens of millions of people in Bangladesh suffering oil and gas shortages as the joint US-Israeli military offensive against Iran hits fuel supplies worldwide.

“Because of the oil shortage, my daily income is reduced,” said Khan, as a queue of motorcyclists stretched out behind him, snaking around the block in the Bangladeshi capital.

Thousands of miles away, one of the world’s most critical energy arteries – the Strait of Hormuz – has also come to a virtual standstill as missiles and drones crisscross the Persian Gulf and Iran steps up its attacks on ships.

Like many countries across Asia, Bangladesh relies on foreign oil and gas imports – and suggestions that supplies may run low have prompted new policies from governments across the region.

As the world’s wealthiest nation leads a costly war – one think tank estimated the US is burning through $890 million a day – those who are least able to afford it are feeling the most acute and immediate impact on their wallets.

Millions of people are being told to turn down air conditioning, switch off lights, avoid travel for meetings, and perhaps even work from home to save energy.

In a historic move on Wednesday, member countries of the International Energy Agency unanimously agreed to release 400 million barrels of oil – the largest release of emergency stockpiles ever recorded.

The United Nations has warned of catastrophic consequences if the disruption drags on.

“The resulting ripple effects go far beyond the region, affecting energy markets, maritime transport and global supply chains,” it said in a report on Tuesday.

South Asia feeling the crunch

The escalating conflict in the Middle East is compounding damage to an already uncertain global economy inflicted from a year of US-imposed tariffs and relentless trade disruptions.

South Asia, in particular, is in an extremely vulnerable position given its heavy reliance on oil and gas imports from the Middle East.

In the northern Indian city of Gorakhpur, Ajay Kumar joined a queue of people waiting to fill their gas cylinder outside a distribution center at 3 a.m.

“This situation has been here for the last 10 days,” he told local news agency ANI. “If we do not come at the centers before time, half of us will leave (empty-handed).”

India, the world’s most populous nation, is one of the top global importers liquefied petroleum gas (LPG), which residents use for everything from cooking to powering many vehicles.

Ravi, who only gave his first name, told ANI people are facing “a lot of difficulties” because of the shortages. “We had to cook food on a fire stove yesterday,” he said.

According to analytics firm Kpler, India imports roughly 85% of its LPG and sources about 50% of its liquified natural gas (LNG) – crucial for fertilizers, electricity, and transport – from the Middle East.

Scrambling to contain the fallout, India’s Ministry of Petroleum and Natural Gas ordered refineries earlier this week to boost LPG output strictly for domestic consumption. The government also invoked emergency powers to divert fuel away from industrial users to keep households supplied.

Neighboring Pakistan has also announced extreme austerity measures, including school closures and work-from-home policies. Prime Minister Shehbaz Sharif said government offices would also not be allowed to buy new furniture and air conditioners.

Elsewhere in the region

The fallout has also been felt in South Korea, which imposed its first fuel price cap in almost 30 years – a big step given its status as a major world economy; a leading global exporter and a key member of the G20.

President Lee Jae Myung also advised his government to crack down on oil refinery companies and gas stations to prevent price-gouging while making efforts to secure supply ships that do not pass through the Strait of Hormuz.

Thailand has ordered government workers to save energy by suspending overseas trips and working from home, urging people not to panic buy.

And the Philippines said it is rolling out a four-day work week for some government officers and asking them to set their air conditioning no lower than 24 degrees Celsius (75 degrees Fahrenheit).

“There is an urgent need to adopt strict energy conservation measures, to further reduce the energy footprint of government operations,” a government statement said.

Back in Bangladesh, queues continued to snake around gas stations until late evening.

Raisul Islam Omar said he was queuing at gas stations twice a day to keep his vehicle running. “I’m buying oil every day once in the morning and once in the evening,” he said as cars queued behind. “It’s not feasible.”

The shortages have prompted India to supply the country with about 5,000 metric tons of diesel through a pipeline, expected to help “maintain adequate fuel reserves for power generation, transport and agriculture,” India’s state broadcaster, All India Radio, said.

Yet, for people on the ground, the unprecedented intervention offers little comfort as fears mount over how long the crisis will drag on.

“If things stay like this, then it will create a massive pressure on the economy,” said Mohammad Joynal, another Dhaka resident queuing for fuel.

“We will be in a totally, very bad situation.”

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CNN’s Esha Mitra, Stephanie Yang, Kristie Lu Stout, Trista Kurniawan, Kocha Olarn, Sophia Saifi, Gawon Bae contributed reporting