A New Oil Crisis Stress-Tests the Global Energy Transition

Apr 22, 2026 | Jewellord Nem Singh
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The US–Israeli war launched against Iran in 2026 may be remembered as the moment fossil-fuel dependence became more than a mere abstraction for the Global South. Brent crude quickly surged past $100 a barrel. Iran militarized the Strait of Hormuz (through which 20 million barrels a day, or a fifth of global oil consumption, normally flow) and retaliated against regional energy infrastructure. Qatar declared force majeure on its liquefied natural gas exports after Iranian drone attacks. Saudi Aramco’s Ras Tanura refinery shut down.