The global energy crisis won't end until the Strait of Hormuz fully reopens, according to Fatih Birol, head of the International Energy Agency. The conflict between the US, Israel, and Iran has caused "the largest supply disruption in history," with Persian Gulf oil production down more than 14 million barrels daily. This severe shortage continues to deplete global inventories at record pace, raising fertilizer costs and pushing up food prices worldwide.

The IEA orchestrated the release of 400 million barrels of strategic reserves to address soaring prices. Energy security now dominates policy discussions worldwide as countries reassess dependencies. Nigeria's OPEC membership seeking IEA cooperation and the UAE's departure from OPEC signal a realignment of global energy alliances amid unprecedented market disruptions that could permanently reshape international energy flows.

Asia faces particular vulnerability, buying 90% of Middle Eastern LNG. China's resilience stems from electric vehicle adoption and massive reserves, but jet fuel shortages persist, potentially raising airfares. The crisis is accelerating coal use despite climate goals, while reshaping automotive markets with Chinese EVs gaining share against Japanese and Korean brands, creating lasting structural changes to global energy systems.