SINGAPORE, April 20 -- Businesses in Singapore are tightening their belts as an energy shock linked to the Iran war drives up operating costs, with some firms freezing hiring and trimming staff benefits to stay afloat, a new survey has found.

According to a snap poll by the Singapore National Employers Federation (SNEF), and reported by The Straits Times today, 96 per cent of employers reported higher operating costs, with surging energy prices feeding through to utilities, fuel, raw materials and freight.

Nearly one in five firms said their costs had jumped by more than 25 per cent, while 41 per cent reported increases of between 11 and 25 per cent. The rest saw smaller rises of up to 10 per cent.

The squeeze is being felt across mult...