Singapore is ready to roll out additional support measures for households and businesses if needed, amid ongoing tensions in the Middle East, said Prime Minister Lawrence Wong.

While the government has resources to act quickly, it will first implement measures announced under Budget 2026, including utility rebates and business support, while closely monitoring the situation.

Rising global energy prices, driven by the conflict and disruptions in the Strait of Hormuz, could push up electricity costs in the coming months. A prolonged blockage of the key shipping route may also have wider impacts on the global economy, affecting sectors such as food, fertiliser and semiconductor production.

Despite this, Singapore’s energy supply remains secure. Authorities have urged the public to conserve energy and use more efficient appliances.

PM Wong also warned that beyond economic risks, the situation could weaken international rules and increase global instability, stressing the importance of cooperation to uphold a rules-based order.

Source: The Straits Times