Iran Conflict Threatens Global Energy Crisis

0:00On March 20th, fears are growing that a conflict involving Iran could spark an economic crisis worse than the COVID pandemic as it threatens vital. Oil and gas applies worldwide. The Strait of Hormuz, through which about one-fifth of global energy flows daily, sits at the heart of the trouble. Strikes have damaged key facilities in Iran and Qatar, knocking millions of barrels off the market each day. Prices are already surging in response. European gas could jump from around 29 euros to as much as 500 euros this winter, if the strait stays closed. Oil from places like Dubai and Oman is fetching nearly $170 a barrel, while jet fuel hits $210 in Rotterdam, and $240 in Singapore. People and businesses are bracing for big disruptions. Grounded flights, factory shutdowns, and lower crop yields could follow, along with food shortages and widespread panic buying. Experts say, energy underpins travel, manufacturing, and farming, so shortages would ripple through

1:05everyday life. Analysts warn of outright rationing if blockages last even two months, with plants running out of fuel in countries hoarding supplies. Oil markets show tighter stocks than prices indicate, as nations scramble to stock up. Watch remains on other routes like the Red Sea, where further trouble from groups like the Houthis could push costs even higher and deepen the chaos, across Europe, Asia and beyond.