BANGKOK — Asian nations are increasingly competing for Russian crude oil as an energy crisis mounts amid the month-old war by the U.S. and Israel against Iran, which has choked off roughly a fifth of the world’s oil supply.
Much of the oil from the mostly shut Strait of Hormuz was headed for Asia, hit hardest by recent energy shocks. Over the weekend, Iran-backed Houthi rebels entered the conflict, further threatening shipping.
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