Global energy markets face unprecedented crisis as the Strait of Hormuz closure disrupts oil supplies. The International Energy Agency warns that 13 million barrels of oil production have been lost daily, with the vital waterway under double-blockade preventing vessels from transiting. Europe faces critical jet fuel shortages within weeks, as the region typically sources 75 percent of its supply from Middle Eastern refineries now operating at near-zero export capacity. The IEA released 400 million barrels from emergency reserves in March to ease pressure, but officials acknowledge this provides temporary relief rather than a permanent solution. Governments must urgently pursue alternative energy sources and consider reducing air travel to manage the supply crisis effectively.
