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 Energy supply disruptions stemming from the conflict in the Middle East and the closure of the Strait of Hormuz have prompted a growing number of emerging economies to accelerate plans for building strategic oil and fuel reserves. The move comes as nations seek to bolster energy security and minimize exposure to supply shocks, after several countries were forced to implement fuel rationing during the crisis.

India and South Africa are leading these efforts, alongside other developing economies including Pakistan, Bangladesh, the Philippines, and Morocco.

The ongoing turmoil has highlighted the critical stabilizing role played by the massive strategic petroleum reserves held by major economies, such as the United States and China, in mitigating global market volatility during severe supply disruptions.