Global energy crunch looms as Gulf disruptions drain stocks

An FT editorial warns that an energy crunch is approaching as Strait of Hormuz disruptions and the Iran war drain crude inventories to near-record lows. Even with record reserve releases and some output boosts, global consumption is running far higher than production, leaving refined products like jet fuel and diesel tight—especially in Europe, where inventories are at five-year lows. Brent sits around $109 a barrel after peaking higher, and it could take months to normalise shipments. With emergency measures spreading across about 80 countries, governments and consumers may need to tighten demand and accelerate energy conservation while the supply situation stabilises.