The Asian Development Bank sharply downgraded its growth forecasts for the continent as the Iran war drove energy prices higher.

The high cost of oil has pushed the rupee down, despite the Indian central bank burning through reserves and attempting to stop investors fleeing to the dollar. South Korea and Japan both saw petrochemical and refinery activities slow, ING noted, although the impacts were offset by growth in other sectors. Shipbuilding, an East Asian strength, is also being hit by materials shortages.

China’s factories suffered less than others, suggesting it is weathering the war. But even there, surviving economic momentum is “entirely thanks to exports” with domestic growth stagnant, an analyst told The Wall Street Journal.