Two people were killed in Abu Dhabi after debris from an intercepted missile fell on Sweihan Road, the emirate’s media office said this morning, adding that three others were injured and several vehicles were damaged.

US president Donald Trump’s war on Iran and the ongoing oil crisis have unilaterally impacted Asia and pushed nations to impose drastic Covid-19-era measures to conserve energy.

Asia has been at the frontline of the crisis, with almost 90 per cent of its purchased crude oil transiting through the Strait of Hormuz, which has been shut by Tehran after strikes by the US and Israel last month. The strait, which links the Persian Gulf to the Indian Ocean, is pivotal for the flow of roughly a fifth of the world’s energy supply.

The Philippines’ energy market regulator said this morning that it had suspended the country’s wholesale electricity spot market across all three grids until further notice, citing fuel supply risks and price volatility linked to the Middle East conflict.

The Energy Regulatory Commission said it has proposed a modified administered pricing scheme, which it expects to finalise by 1 April.

“Under the proposed scheme, coal plants may be paid at a fixed rate, natural gas plants based on contracted prices, and renewable energy sources such as hydro and geothermal under administered pricing with preferential dispatch,” it said in a statement.

The UAE says its air defence systems are currently dealing with a missile threat.

Iran is running a “de facto ‘toll booth’ regime” in the Strait of Hormuz, controlling which ships come through and getting payment for their safe passage, a leading shipping intelligence firm said.

Lloyd’s List Intelligence published an analysis highlighting Iran’s practices through the strait. It described vessels having to provide manifests, crew details and their destination to Iran’s paramilitary Revolutionary Guard.

The information goes to the Guard’s “Hormozgan Provincial Command for sanctions screening, cargo alignment checks that currently prioritise oil over all other commodities, and for what is described as ‘geopolitical vetting,’” Lloyd’s List said.

“While not all ships are paying a direct toll at least two vessels have and the payment is settled in yuan,” Lloyd’s List said, referring to China’s national currency.

Iran has not directly explained the process for ships to go through the strait, though a foreign ministry spokesperson appeared to acknowledge Tehran was receiving payments for some ships.

An Israeli ambulance service said it was providing aid to two people hurt in a blast after the missile barrage north of Tel Aviv in Kfar Qasim.

Israel this morning said its air defences were responding to a second barrage of missiles incoming from Iran.

Earlier in the day, sirens sounded about an hour after sunrise across a large swathe of central Israel, including areas around Tel Aviv and Jerusalem, as well as in the occupied West Bank.

Fuel prices in Thailand surged today after the government lifted a cap on diesel prices and reduced fuel subsidies.

The majority of fuel types rose by 6 baht ($0.18) per litre. Diesel prices jumped by about 18 per cent.

The increase is expected to hit the industrial and transportation sectors particularly hard and has raised concerns about a ripple effect on the cost of goods.

Videos and photos shared on social media showed long lines forming at gas stations after the price hike was announced late Wednesday night.

Thai prime minister Anutin Charnvirakul said earlier this week the government would allow fuel prices to adjust in line with global market rates, aiming to manage demand following a surge in panic buying.

Japan has begun releasing another portion of its strategic oil reserves as it seeks to cushion the impact of surging prices driven by the war in Iran.

“The release [of the national stockpile] started at 10.59am local time to oil refiners,” Kaname Morimoto, an official of the ministry of economy, trade and industry, told AFP news agency.

Japan is the world’s fifth-largest oil importer, sourcing more than 90 per cent of its crude from the Middle East.

China’s top diplomat says Beijing sees a “glimmer of hope” for peace in the Middle East due to efforts being made to stop the war.

The Trump administration has sent Tehran a 15-point peace plan but warned it would “unleash hell” if the Islamic Republic refuses to accept.

China, an Iran ally which has been largely on the sidelines of the conflict, urged dialogue between Tehran and the Washington.”With both the United States and Iran signalling a willingness to negotiate, a glimmer of hope for peace has emerged,” Wang Yi told Egyptian foreign minister Badr Abdelatty.

The statement came hours before Iran’s foreign minister Abbas Araghchi said no negotiations had taken place so far, adding that Tehran’s position remained “completely principled”.