Oil Shortage! Middle East Conflict Continues to Escalate Crisis Spreading to Other Areas

**April 4 (CNN) — The Middle East conflict has entered its second month, with the oil shortage crisis at risk of escalating into widespread shortages across nearly all sectors.** The conflict has severely restricted oil and natural gas shipments through the Strait of Hormuz, cutting global supplies by roughly one-fifth. This disruption has not only driven up fuel prices but also squeezed supplies of petrochemicals used in everyday goods—from shoes, clothing and plastic bags to more. As prices rise for materials like plastic, rubber and polyester, the pressure is spreading to every corner of the consumer market. Asia is currently the hardest-hit region: it accounts for more than half of global manufacturing and relies heavily on imported oil and other commodities. Dan Martin, Co-Head of Business Intelligence at Deloitte Forensic Advisory, noted this will quickly impact all commodities—including beer, noodles, potato chips, toys and cosmetics—since plastic bottle caps, shipping pallets, snack packaging and containers are growing harder to source. Martin added that petroleum-derived products are critical for adhesives in shoes and furniture, industrial machinery lubricants, paints and cleaning solvents.