The 2026 Oil Crisis: A Comparison with the 1970s Shock and Outlook for the European Economy — NRG-IA

Current Context of the Energy Market The global energy market is facing a new period of major turbulence in April 2026, primarily catalyzed by the conflict in Iran. The International Energy Agency (IEA), through its head Fatih Birol, has issued severe warnings about increased disruption to oil supplies from the Middle East, estimating that this will affect the European economy. A central element of this crisis is the threat of closure of the Strait of Hormuz, a vital maritime route for oil and liquefied natural gas (LNG) transport, which would drastically reduce deliveries to global markets. The direct impact is already being felt in key sectors. Airlines, especially Asian and European carriers, are facing a doubling of jet fuel prices, forcing them to cut flights and seek emergency solutions to protect profitability, according to the Financial Times. This cost pressure inevitably transfers to consumers through higher ticket prices and reduced route availability. Regionally, Romania…