Published on Apr 27, 2026 02:19 pm IST
Donald Trump’s cancelled talks with Iran, the U.S. blockade in the Strait of Hormuz, and failed “maximum pressure” tactics have triggered one of the worst energy crises in modern history. Oil prices are now nearly 48% higher than February. This crisis is hitting ordinary people, fueling inflation, and exposing the limits of U.S. power in the Persian Gulf. Chevron CEO Mike Wirth warns the global energy system has lost its “flexibility”, while the head of the International Energy Agency, Fatih Birol, says today’s crisis is even worse than the legendary oil shocks of 1973, 1979, and 2022 combined.
