Governments in Asia are scrambling to limit the impact on ⁠economies ⁠and consumers from the widening Iran war, ⁠which fuelled a record surge in oil prices on Monday after key producers cut output and Tehran signalled ​that hardliners will remain in charge.

For the past year and a bit, since Donald Trump came back into office, traders have pushed markets higher on the hopes of an AI-powered economic miracle and the TACO trade — Trump Always Chickens Out.

"Crude storage has reached maximum capacity and the remaining output ‌after the major ‌cut will ⁠be used to supply the country's refineries," said an official with ​the state-run Basra Oil Company, wh...