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Middle of the week!
Hello, Curse and Coffee friends,
Today, we look at Vietnam’s oil crisis.
Hit reply and let us know what you think (we read all of your kind words).
Coffee at the ready…
The Big Sip
The take: Vietnam just admitted what the rest of emerging Asia won't say out loud — the Hormuz closure is an economic emergency, not a geopolitical headline.
What happened: Hanoi activated its $200 million fuel price stabilisation fund at midnight on 11 March — the first drawdown since 2023 — after domestic fuel prices surged up to 32% in under two weeks.
Why it matters: Vietnam imports the vast majority of its crude through the Persian Gulf. The Strait of Hormuz has been effectively shut since late February, and Hanoi is burning through policy tools at a rapid pace. It scrapped import tariffs, urged remote work, and now it's raiding the emergency kitty.
What to watch: The IEA (International Energy Agency) holds an extraordinary meeting on Tuesday to discuss a coordinated release of emergency oil stockpiles from its 1.2 billion-barrel reserve.
The government told 100 million people to take the bus and carpool. Diesel is up 50%. Good luck with that commute.
Sponsor Break
Before we slurp into today’s brew…
Here are some wordies from today’s sponsor.
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