PMI data showing service-sector weakness

The oil shock has moved way beyond merely being a price problem. The blockage at Hormuz has already created a very real physical shortage of fuel across much of Asia, and it’s now threatening to hit Europe according to the CEO of Shell Energy. It’s only been about four weeks but we’re seeing major disruptions already, from Australia to South Korea, India, Egypt. Among the hardest hit is the Philippines. There are reports today some airlines are being told to plan for rationing fuel in a few places. 

Eurodollar University's Money & Macro Analysis

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Australia Fuel Crunch Expands to Hundreds of Gas Stations
https://www.bloomberg.com/news/articles/2026-03-24/australia-fuel-shortages-expand-to-hundreds-of-service-stations

Securing Australia’s fuel supply
https://www.energy.gov.au/news/securing-australias-fuel-supply

Egypt mandates new closing time for malls and cafes to curb energy use
https://www.egyptindependent.com/egypt-mandates-new-closing-time-for-malls-and-cafes-to-curb-energy-use/

India Turns to Dirty Fuels to Fight Crippling Supply Squeeze
https://www.bloomberg.com/news/articles/2026-03-12/india-turns-to-dirty-fuels-to-fight-off-worst-supply-disruption-mmnfhzzs

Marcos promises 'flow of oil' as Philippines declares energy emergency
https://www.bbc.com/news/articles/c3ex8ez3717o

Airline boss flags possible fuel rationing in Philippines as supplies dwindle
https://www.scmp.com/news/asia/southeast-asia/article/3347804/airline-boss-flags-possible-fuel-rationing-philippines-supplies-dwindle

Signs of Jet Fuel Hoarding Emerge in Asia on Iran Oil Shock
https://www.bloomberg.com/news/articles/2026-03-25/signs-of-jet-fuel-hoarding-emerge-in-asia-after-iran-oil-shock

Shell Boss Warns Europe Is Next After Asia Suffers Fuel Squeeze
https://www.bloomberg.com/news/articles/2026-03-24/shell-boss-warns-europe-is-next-after-asia-suffers-fuel-squeeze

Oil giants raise the alarm over energy shortages as Iran war drags on
https://www.cnbc.com/2026/03/25/iran-war-oil-shell-totalenergies-energy-strait-of-hormuz.html

S&P Global March 2026 US PMIs
https://www.pmi.spglobal.com/Public/Home/PressRelease/adc91b5cf42442cbb220d5b66b64ec7d

Indian police manage long lines as panic grows over fuel shortages
https://www.aljazeera.com/video/newsfeed/2026/3/25/indian-police-manage-long-lines-as-panic-grows-over-fuel-shortages

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