Hormuz Crisis Is ‘Biggest Energy Disruption Ever,’ Yergin Says
A television broadcasts Iran war news on the floor of the New York Stock Exchange.
Photographer: Michael Nagle/BloombergS&P Global Vice Chairman Daniel Yergin warned that the Strait of Hormuz crisis represents “the biggest energy disruption we’ve ever seen,” despite oil prices not yet reaching the inflation-adjusted equivalent of previous highs.
The impact extends far beyond oil, affecting global supplies of natural gas, fertilizer, helium, aluminum and petrochemicals, with Asia bearing the brunt as “80% of the oil, 90% of the LNG went to Asia,” Yergin said during an interview on Bloomberg This Weekend.