It's temporary relief. If the conflict drags on, oil prices will continue to rise. It's not just oil, but also gas. Asia is exposed via net energy deficit, trade dependence, remittances, and tourism.

A sustained conflict is a big shock, leading to demand destruction and higher import prices while exports decelerate. Second-round effect is food inflation via Middle East fertilizer disruption.

Strategic reserves won't be used immediately; countries will wait to see conflict duration. Protectionism (e.g., Thailand, China stopping diesel/gasoline exports) will escalate first.