The Asia-Pacific region is facing unprecedented economic pressure from skyrocketing energy costs, triggered by a sudden disruption to global oil shipping that pushed the international benchmark Brent crude past $101 per barrel on Monday. The crisis escalated rapidly after the United States implemented a naval blockade of the Strait of Hormuz, one of the world’s most critical energy chokepoints, on Sunday. Within 24 hours, commercial shipping through the strategic waterway came to a complete standstill, according to global maritime industry outlet Lloyd’s List. More than 20% of the world’s daily oil trade passes through the strait, making the shutdown an immediate shock to global energy markets.