Energy Crisis Deepens as Wars in Iran and Ukraine Disrupt Oil Supplies

The global energy crisis triggered by wars in Iran and Ukraine is worsening due to attacks on oil infrastructure, leading to shortages that may last for an extended period.

Iran's aerial drone attacks have damaged over 1.2 million barrels per day of oil refining capacity across the Middle East, while Ukrainian long-range drones have knocked out 30-60% of Russia's fuel-making capability.

The resulting damage is increasing the threat that crucial oil shipping lanes may be slowed or stopped for long periods of time, affecting countries that rely on imports for their energy needs.