Kuala Lampur, Sept. 9 -- SEPTEMBER 9 - The final quarter of 2026 is shaping up to be considerably more difficult than many governments had hoped.

Brent crude has broken above US$100 a barrel. The conflict between the United States and Iran remains unresolved. The Strait of Hormuz continues to be the critical pressure point in the global energy system.

Meanwhile, across several Western democracies, the politics of national identity, immigration and economic grievance are strengthening parties and movements of the far right.

These may appear to be three separate developments. They are not.

For Asean, they represent three interconnected pressures: the return of inflationary anxiety, the persistence of geopolitical instability in West Asi...