Global energy sector shifts faster to clean power amid oil price surge
Updated
Updated · The Guardian · May 3
Global energy sector shifts faster to clean power amid oil price surge
12 articles · Updated · The Guardian · May 3
The IEA says nearly 40 countries have taken emergency steps, while European EV demand in March was 51% above a year earlier.
The Iran war and US blockade around the Strait of Hormuz have driven up oil and gas costs, straining economies from the UK to poorer states facing rising energy and fertiliser bills.
Governments and consumers are turning to solar, batteries, nuclear and electric transport, with moves from South Korea to Vietnam and India suggesting the shock could permanently weaken oil dependence.
The Hormuz crisis crippled oil supplies. Can nations achieve energy security by depending on China's green technology?
As a US-Iran standoff boosts green energy, is China becoming the world's new energy superpower?
With the energy crisis choking AI's growth, which nations will win the race for secure, clean electrons?
March 2026 Strait of Hormuz Disruption: Economic Fallout and the Race to Renewable Energy
Overview
In March 2026, Iran's mining and attacks on the Strait of Hormuz disrupted 20% of the global oil supply, causing oil prices to surge above $115 per barrel and triggering worldwide energy insecurity and rising living costs. Governments responded by tapping strategic petroleum reserves, with China and India taking key actions to stabilize markets. The crisis accelerated renewable energy deployment, driven by advances in battery storage and strong corporate commitments to 24/7 clean energy, led by companies like Amazon. However, LNG shortages forced several Asian nations to increase coal use, delaying clean energy progress and raising emissions and inflation. Meanwhile, the Western Hemisphere benefited from energy insecurity, while Asia faced economic strain, highlighting the urgent need to balance energy security with climate goals through accelerated clean energy transitions and critical mineral supply management.