The global oil crisis triggered by the Middle East conflict is rapidly becoming a crisis of everything - not just fuel, but plastics, rubber, synthetic materials and everyday consumer products.

One month into the blockade of the Strait of Hormuz, global oil supplies have been reduced by approximately one fifth. That shortage is now spilling over into the petrochemical industry, essential for producing most modern products.

Effects are particularly severe in Asia, which produces over half the world's goods. South Korea has seen panic buying of rubbish bags; Taiwan opened a hotline for manufacturers facing plastic shortages; Japan is worried about the availability of medical equipment including dialysis tubes.

The crisis is affecting beer, pasta, toys, cosmetics and packaged food. The International Monetary Fund warned that all scenarios lead to higher prices and slower growth. Analysts stress this is no longer just a price shock - but a physical scarcity of goods.