Global Energy Crisis Worsens as Strait of Hormuz Near-Closure Impacts Supply
The global energy crisis has intensified due to the near-closure of the Strait of Hormuz, a critical passage for oil and gas transportation. This situation has removed 9 to 10 million barrels of crude oil from global markets daily, exacerbating the crisis beyond the levels seen during the Arab oil embargo of 1973 and the Russian gas cutoff following the 2022 invasion of Ukraine. The crisis has led to significant shortages in liquefied natural gas, refined products like diesel and jet fuel, and essential materials such as fertilizers and petrochemical feedstocks. Countries like Sri Lanka, Thailand, and Pakistan have adopted measures such as a four-day workweek to conserve energy, while factories in Malaysia and Indonesia are reducing capacity. The crisis highlights the vulnerability of global energy supplies to geopolitical tensions, particularly in the Gulf region. 
