Global Energy Crisis — 2026-04-06
Oil Surpasses $110 as IEA Warns April Supply Crunch Will Be Worse Than March
Brent Crude closed above $112 per barrel on April 2 and continues to trade above $110, representing a 40% spike since the war began. The IEA characterized the
Analysis
The IEA calling this the largest supply disruption in oil market history surpasses the 1973 Arab embargo and 1979 Iranian Revolution in absolute volume. The gap between strategic reserve releases and daily demand loss (20M bbl/day trapped) is mathematically insurmountable; reserves buy time, not supply. April pressure will compound as summer driving season approaches in the northern hemisphere.
The IEA calling this the largest supply disruption in oil market history surpasses the 1973 Arab embargo and 1979 Iranian Revolution in absolute volume. The gap between strategic reserve releases and daily demand loss (20M bbl/day trapped) is mathematically insurmountable; reserves buy time, not supply. April pressure will compound as summer driving season approaches in the northern hemisphere.