World news
fromAxios
53 minutes agoThe massive economic impact of the global energy crisis
Global economic growth is expected to slow significantly due to the war's impact on supply chains and rising costs.
Two large packages of explosives with detonators were found inside backpacks a few hundred meters from the Balkan Stream pipeline in Kanjiza, near the Hungarian border in northern Serbia.
"Fresh food and perishables are almost like the canary in the coal mine," when energy prices go up, according to Vidya Mani, an associate professor at the University of Virginia's Darden School of Business.
Jet fuel tends to be an airline's biggest expense. An analysis by the International Air Transport Association showed that, for the week ending March 27, the weekly average price of jet fuel has skyrocketed 116.8 per cent compared to the previous year's average.
Citi's upgrade reflects a broader geopolitical reality reshaping global energy markets. The Iran war is accelerating the flight of European and Asian buyers toward secure, long-term U.S. LNG supply contracts.
The war has effectively blocked the Strait of Hormuz, the world's most important oil route, since the end of February and cut exports from OPEC+ members Saudi Arabia, the United Arab Emirates (UAE), Kuwait and Iraq.
At the start of this year, Pakistan had more imported liquefied natural gas (LNG) than it could use, with demand falling from a peak of 8.2 million tonnes in 2021 to 6.1 million tonnes by late 2025. The government sold excess gas shipments to other countries and shut down domestic gas wells to prevent pipelines from bursting under oversupply.
Trump reiterated that the war will take another two or three weeks, demanded Iran reopen the Strait of Hormuz, and called on other countries to find a way to reopen the vital waterway, through which 20% of the world's oil flows.
The drone strikes and infrastructure damage at Qatar's massive Ras Laffan complex triggered force majeure declarations and slashed roughly 15% to 20% of global supply overnight, leading to a spike in spot prices in Asia and Europe.
The Iranian military's blockade of the Strait of Hormuz in retaliation for the U.S. and Israeli airstrikes on Tehran has sent energy markets into turmoil. A quarter of the world's natural gas, a fifth of its crude oil, and tons of critical materials for fertilizers and other petroleum products pass through this strategic Persian Gulf waterway.
The United States - we produce more oil than we can consume. We're a net oil exporter," Wright said. This comment misses some important context. Some metrics show the U.S. as a net exporter, but for crude oil - the material that's refined into gasoline - the U.S. is a net importer.
January 2026 showed just how violent this relationship can get: Henry Hub spiked to $30.72/MMBtu on January 23 - a near-tenfold surge - before collapsing to $3.13/MMBtu by February 23. Extreme winter heating demand and supply constraints drove that move - exactly what BOIL is built to capture on the upside, and what devastates holders on the way back down.
Data centers have caused the demand for gas-fired power in the US to explode over the past two years, according to new research released Wednesday. More than a third of this new demand, the research found, is explicitly linked to gas projects that will power data centers -the equivalent of energy that would power tens of millions of US homes.