Energy Crisis Deepens

The IEA warned the world faces its largest energy security crisis as Strait of Hormuz disruptions cut 13 million barrels per day of oil supply, exceeding the combined impact of the 1973 and 1979 oil shocks. IEA head Fatih Birol said the crisis is worsening daily and shifting into a broader macroeconomic risk. The agency released 400 million barrels from emergency stockpiles. Europe may face jet fuel shortages requiring limits on air travel.