- Take Hormuz, says Trump -

US President Donald Trump used his first prime-time address since the start of the war with Iran to urge oil importing countries to show "courage" and seize the Strait of Hormuz.

"The countries of the world that... receive oil through the Hormuz Strait must take care of that passage," Trump said. "Just take it, protect it, use it for yourselves."

- Oil spikes -

Trump also reiterated that US forces would hammer Iran for another two to three weeks and bomb it "back to the Stone Ages", sending oil prices upwards once again.

Brent crude had fallen back below $100 a barrel on Wednesday but surged almost 6.5 percent to hit $107.73 in early European trading on Thursday, while West Texas Intermediate jumped more than five percent to $106.31.

Trump's failure to flesh out an exit plan sent stock markets tumbling, with all major Asia exchanges closing well down and European indexes slumping on opening.

- China blames US -

China's foreign ministry spokeswoman Mao Ning said the "illegal military operations" by US and Israel were the "root cause" of the Strait of Hormuz blockage.

Chinese airlines are being hit by the crisis with national carrier Air China and others saying they will raise fuel surcharges on domestic flights from Sunday.

- UK leads Hormuz call -

Britain will hold a virtual meeting of about 35 countries later to discuss how to reopen the Strait of Hormuz.

Iran's Revolutionary Guards have vowed to keep the channel shut to the country's "enemies" while Trump has made reopening it a condition for a ceasefire.

- SKorea economy on 'wartime' footing -

South Korea's economy is on a "wartime footing" over the Iran conflict, said President Lee Jae Myung, after the government proposed a $17.2 billion supplementary budget to tackle the crisis.

Like other Asian economies, South Korea relies heavily on energy imports including through the Strait of Hormuz and has already had to impose a fuel price cap.

- Malaysia work-from-home push -

Malaysian civil servants will work from home from April 15, under a plan unveiled by Prime Minister Anwar Ibrahim aimed at saving energy while the war rages.

The policy "aims to reduce fuel consumption and ensure a stable energy supply", Anwar said.

- Bhutan feels strain -

The Himalayan kingdom of Bhutan has been forced to hike fuel prices, the government blaming "external conditions beyond our control".

While the country has promoted hydropower projects and exports power, it imports fuel via India and shortages have sparked long queues at petrol stations.

- World Bank 'extremely concerned' -

The World Bank is "extremely concerned" about the effect the war on Iran will have on inflation, jobs and food security, and is in talks with member states on how to address immediate needs in the crisis, a top official told AFP.

Managing Director Paschal Donohoe's comments came as his organisation announced a new partnership with the International Monetary Fund and International Energy Agency to coordinate aid responses to the war.

- War poses stability risk -

The Bank of England said the Middle East war had caused "a substantial negative supply shock to the global economy", increasing risks to the financial system.

Following a surge in oil prices that is set to push up overall inflation, the BoE said the fallout would also weigh on economic growth and tighten financial conditions, such as restricted lending by banks.

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