#energy-crisis

#energy-crisis

The war in the Middle East is creating a major energy crisis, including the largest supply disruption in the history of the global oil market.

The International Energy Agency released a series of steps on Friday that would ease the burden of the global oil price spike. Recognising 45 per cent of the world's oil demand comes from road transport, the agency urged workers to stay at home where possible and consider public transport if they need to travel.

The Russian-flagged Anatoly Kolodkin is expected to reach Cuba in 10 days, carrying 730,000 barrels of fuel, marking the first oil shipment in three months due to a U.S. energy blockade.

behind the recent jump are primarily the weak labour market numbers, but almost all the economic data has turned soft since the end of last year. Total nonfarm payroll employment edged down by 92,000 in February, and the unemployment rate changed little at 4.4 percent.

After the country's 10 million people had been plunged into darkness overnight, the Caribbean island's national power grid had fully come back online by 6:11pm (22:11 GMT) on Tuesday. However, officials said power shortages may continue because not enough electricity is being generated.

The sharp decline witnessed in U.S. equity markets signals an important shift in global market sentiment, after the Dow Jones Industrial Average lost more than 700 points to close below the 47,000 level for the first time in 2026. At the same time, both the S&P 500 and Nasdaq Composite also fell to their lowest levels this year.

It just went up another $.40 maybe $.60. I'm wishing I would've filled up this car when the war started and my other car too. It's frustrating for sure. I feel like we spend so much money on gas as it is you know.

The measure follows a major failure in the Camisea gas transportation system, the backbone of Peru's energy supply. The disruption has forced authorities to ration natural gas and liquefied petroleum gas, or LPG, and adopt emergency steps to reduce electricity demand.

Oil shocks are especially painful because of the commodity's wider uses, not least in fertiliser, and the knock-on effects for manufacturing and transport. And the poor are hit hardest. Recent research published by economists at the University of Massachusetts Amherst identified energy, along with food and agriculture, as among the commodities that have a disproportionate capacity to increase inequality when their prices rise.