Economist warns of global energy catastrophe

The Economist magazine warns that global energy markets are on the verge of a catastrophe due to the prolonged closure of the Strait of Hormuz. The world has lost about 550 million barrels of Persian Gulf oil during the blockade period, a figure equivalent to nearly 2 percent of total annual global production. For every month the strait remains closed, the supply of liquefied natural gas will also decrease sharply, pushing markets toward severe shortages, price hikes, and widespread instability. The analysis highlights the escalating economic impact of the U.S.-led maritime blockade on Iran.