The global energy crisis is worsening as emergency measures fail to offset major supply disruptions caused by the conflict involving Iran, the United States, and Israel. Industry leaders say the closure of the Strait of Hormuz has cut up to 20 million barrels of oil per day from global supply, driving up costs for fuel, fertilisers and petrochemicals.
Despite coordinated releases from strategic reserves by the International Energy Agency, experts warn the measures are insufficient, with shortages expected to spread from Asia to Europe if the conflict continues.