The $150 Barrel_ Understanding the 2026 Energy Crisis (2)

Imagine waking up to news that global oil supply has plummeted by over ten percent overnight. That is exactly what happened in early 2026 when the conflict between Iran and the U.S. and Israel centered on the Strait of Hormuz. This narrow waterway is the world's most critical energy artery, carrying roughly twenty percent of all global oil and liquefied natural gas. When that flow was restricted, the world witnessed the largest energy supply disruption in history. Crude prices didn't just climb; they surged toward one hundred and fifty dollars a barrel, sending shockwaves through every corner of the global economy. In the United States, we saw gasoline prices hit four dollars a gallon by March, but experts warn that if these shipping restrictions hold, we could be looking at seven dollars a gallon. This isn't just about what you pay at the pump, though. It is triggering a phenomenon economists are calling fossilflation. Because energy is the backbone of modern industry, these costs are rippling into the price of fertilizer, transportation, and basic food items. 

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