How countries have responded to the sharp rise in the price of crude oil

2 minutes of readingNew DelhiUpdated: Mar 9, 2026 02:16 pm IST

Global markets plunged on Monday with oil prices rising sharply to their highest levels since 2022, triggering a widespread sell-off in stocks across Asia.

In India, the Sensex and Nifty plunged more than 3 percent on Monday as the war in the Middle East caused crude oil prices to soar 30 percent early on Monday to nearly $120 a barrel. The 30-share BSE Sensex plunged 2,494.35 points or 3.16 per cent to settle at 76,424.55, while the 50-share NSE Nifty fell 752.65 points or 3.07 per cent to 23,697.80. Faced with the heat, several countries resorted to damage control measures.

This is how several countries reacted to the boiling of oil prices

Philippines

In the Philippines, private companies have been asked to test a four-day work week. Francis Escudero endorsed the decision after Ferdinand R. Marcos Jr. initiated it for government offices on Monday. The measure aims at fewer trips, lower costs and less traffic, resulting in lower fuel consumption.

Bangladesh

Meanwhile, Bangladesh has closed its universities and begun rationing fuel amid a growing energy crisis due to the Middle East conflict. Authorities closed all public and private universities across the country starting Monday, bringing forward the Eid al-Fitr holidays as part of emergency measures to conserve electricity and fuel.

The Indian Express’ Express Global Desk offers authoritative, fact-checked and context-based coverage of key international developments shaping global migration politics, policies and trends. The section focuses on stories with direct relevance to Indian and global audiences, combining breaking news with in-depth explanations and analysis. A major focus area of the desk is U.S. visa and immigration policy, including developments related to student visas, work permits, permanent residency pathways, executive actions, and court rulings. The Global Desk also closely follows Canada’s immigration, visa and study policies, covering changes to study permits, post-study work options, permanent residency programs and regulatory updates affecting migrants and international students. All Global Desk reports conform to The Indian Express editorial standards and are based on official data, government notifications, court documents and proprietary sources. The desktop prioritizes clarity, accuracy, and accountability, ensuring readers can navigate complex global systems with confidence. Core Team Express Global Desk is led by a team of experienced journalists and editors with deep experience in international affairs and migration policy: Aniruddha Dhar, Senior Assistant Editor with extensive experience in global affairs, international politics and editorial leadership. Nischai Vats: Deputy editor specializing in American politics, US visa and immigration policy, and policy-based international coverage. Mashkoora Khan: Deputy editor focusing on global developments, with a strong emphasis on policy coverage related to Canada studies, immigration and visas. … Read more

Stay up to date with the latest – click here to follow us on Instagram

Click Here to Get More