The Association of Southeast Asian Nations (ASEAN) has again called for an immediate halt to the war in ​the Middle East, with the bloc’s economic ministers stating that the spike in oil prices has already begun to impact Southeast Asian economies negatively.

On Friday, the 11-nation bloc held two separate meetings related to the war in Iran, which began with joint U.S.-Israeli air attacks on February 28.

First, the Philippines, the current ASEAN chair, organized a special meeting of the bloc’s foreign ministers via videoconference to address the conflict and its ramifying impacts in Asia. According to an ASEAN Chair’s Statement issued following the meeting, the foreign ministers “expressed serious concern” over the continued escalation of the conflict, and “called on all parties concerned to exercise utmost self-restraint, avoid any acts that may further aggravate the situation, and resolve differences through diplomacy and dialogue.”

This call for peace closely echoed the statement issued after a meeting of ASEAN’s foreign ministers on March 4, just five days after the war began with fierce U.S.-Israeli attacks on Iran. The war has since escalated considerably, with Iran instituting a blockade of the Strait of Hormuz that has strangled trade and led to spikes in the global price of oil.

This time, the ASEAN foreign ministers also discussed the economic ramifications of the conflict, underscoring “the importance of maintaining stable, open, and reliable global energy supply chains and maritime trade routes, and minimizing disruption to the flow of energy and essential goods, including food, to safeguard economic stability in ASEAN.”

In a separate in-person meeting in Taguig City, Philippines, ASEAN’s economic ministers also called for the “de-escalation” of the conflict in the Middle East, arguing that the region’s reliance on Middle Eastern oil and liquefied natural gas ​made it especially vulnerable to further shocks.

“The escalating conflict has generated broader economic repercussions beyond the region, particularly ​through heightened volatility in ​global energy markets ⁠and disruption of key maritime and supply chain routes,” the bloc’s economic ministers said in a statement after the meeting. “Such disruptions are leading to higher freight, insurance, and logistics costs and contribute to inflationary pressures on energy, food, and other essential goods.”

If the current conflict is prolonged, it could “pose sustained challenges to the global economic outlook” and “impact economic security and stability, the livelihoods of millions of people in the region, and hinder economic progress in ASEAN.”

While ASEAN member states have varying degrees of exposure to the war in the Middle East, governments across the region have already taken steps to counter the economic impact of the conflict by ​conserving energy, absorbing supply shocks, and/or depressing demand for petrol and other fuels.

Nations including the Philippines, Thailand, Vietnam, and Myanmar have introduced four-day work weeks and ordered civil servants to work from home and “avoid unnecessary personal vehicle use.” Malaysia and Indonesia have also pledged to maintain existing fuel subsidies in order to shield consumers from the initial impact of the price shock, although this could strain government budgets the longer it drags on – something that poses a particular challenge for Jakarta.

In an interview with Reuters earlier this week, Finance Minister Purbaya Yudhi Sadewa admitted that sustained high oil prices could push Indonesia’s budget deficit beyond the country’s 3 percent ceiling, but that the government had plans to adjust expenditures elsewhere in order to keep the budget under the limit.

Depending on how long the conflict and its attendant economic effects persist, it will create a strong impetus for ASEAN to diversify its energy sources and supply routes. The bloc’s economic ministers emphasized exactly this in their joint statement, saying that ASEAN should continue to develop “biofuels and renewable energy,” while also improving regional cooperation on energy security and related issues. It also said that member states “remain committed to keeping the ASEAN market open for trade and investment, by maintaining a transparent and predictable regional economic architecture.”