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Hormuz Crisis Is ‘Biggest Energy Disruption Ever,’ Yergin Says

Bloomberg
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S&P Global Vice Chairman Daniel Yergin declared the Strait of Hormuz crisis the "biggest energy disruption ever" in April 2026, surpassing historical oil shocks despite prices not yet hitting inflation-adjusted peaks. The crisis disrupts far more than oil, crippling global supplies of natural gas, fertilizer, helium, aluminum, and petrochemicals, creating cascading economic and industrial fallout worldwide. Asia faces the severest impact, as 80% of the region’s oil and 90% of its liquefied natural gas (LNG) transited through Hormuz before the blockade, Yergin emphasized in a Bloomberg interview. Geopolitical tensions in the Strait—through which 20% of global oil flows—have triggered market volatility, with the New York Stock Exchange monitoring developments amid fears of prolonged supply chain breakdowns. The disruption’s scale eclipses prior crises like the 1973 oil embargo, though price spikes remain below historical inflation-adjusted levels, signaling deeper structural vulnerabilities in energy markets.
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Hormuz Crisis Is ‘Biggest Energy Disruption Ever,’ Yergin Says

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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000A television broadcasts Iran war news on the floor of the New York Stock Exchange.S&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.

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Source: Bloomberg