Energy Crisis Worsens as Strait of Hormuz Closure Takes Toll

The global energy crisis is deepening due to the war between the US and Israel on Iran, industry executives warn. Emergency measures by governments worldwide have fallen short of plugging the huge shortfall in oil and gas supply caused by the closure of the Strait of Hormuz.

Countries such as the Philippines have declared a national energy emergency, while others are implementing four-day work weeks to reduce energy consumption. The impact of losing 20 million barrels of oil per day from Middle East producers has quickly spread through economies and supply chains.

Shell CEO Wael Sawan said that governments are in 'reaction mode' rather than taking proactive measures to address the crisis. He warned that the problem will only worsen if not addressed, with Europe potentially facing shortages as early as April.