Global energy system faces extreme stress as oil supplies run dry

2 articles · Updated · Bloomberg · May 1

Chevron chief Mike Wirth said on CNBC that the US-Israel war with Iran, now in its third month, is straining supplies.
He warned that unless supply is reestablished, demand would have to fall across multiple sectors of the economy to prevent a more severe disruption.
The comments underscore mounting concern in energy markets that prolonged conflict could tighten global oil availability and force broader economic adjustment.

With the Strait of Hormuz nearly shut and global oil prices soaring, how close are we to fuel rationing or even a worldwide recession?

Could this historic energy crisis force a permanent shift toward renewables, or will fossil fuel dependency simply return once the conflict ends?

As tanker traffic drops by over 90% and fertilizer shortages grow, how might this crisis reshape global food security and supply chains?