Jared Yates Sexton on the worldwide energy crisis caused by Trump's wars on Iran (and The Pope) - FIVE MINUTE NEWS

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Author Jared Yates Sexton joins Anthony Davis to discuss the worldwide energy crisis caused by Trump’s war on Iran and how he is hemorrhaging support whilst unwittingly encouraging a green energy revolution in the face of rising oil and gas prices – only on The Weekend Show. - 04/26/2026.

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1. Eventually, Trump will try to take credit for creating a green energy revolution.

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3. IEA - Oil Market Report - April 2026

IEA (2026), Oil Market Report - April 2026, IEA, Paris https://www.iea.org/reports/oil-market-report-april-2026

Please note: Unlike many IEA reports, the Oil Market Report contains non-Creative Commons content:

Listen to a podcast here: https://share.transistor.fm/s/014291df

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Highlights

• Oil demand is expected to contract by 80 kb/d this year, as the Iran war upends our global outlook. This is 730 kb/d less than in last month’s Report and a forecast 1.5 mb/d 2Q26 decline would be the sharpest since Covid-19 slashed fuel consumption. Initially, the deepest cuts in oil use have come in the Middle East and Asia Pacific, mainly for naphtha, LPG and jet fuel. However, demand destruction will spread as scarcity and higher prices persist.


• Global oil supply plummeted by 10.1 mb/d to 97 mb/d in March, with continued attacks on energy infrastructure in the Middle East and ongoing restrictions to tanker movements through the Strait of Hormuz leading to the largest disruption in history. OPEC+ production fell 9.4 mb/d m-o-m to 42.4 mb/d while non-OPEC+ supply declined 770 kb/d m-o-m to 54.7 mb/d, as lower Qatari output offset gains in Brazil and the United States.


• Global crude throughputs continue to struggle with disruptions to feedstock supplies and infrastructure damage that are tightening global product markets. In April, Middle East and feedstock-constrained refineries in Asia have cut runs by around 6 mb/d, to 77.2 mb/d. Global crude runs are now expected to decline by 1 mb/d on average in 2026, to 82.9 mb/d. Refining margins temporarily surged as middle distillate cracks reached all-time highs.


• Global observed oil inventories fell by 85 mb in March, with stocks outside of the Middle East Gulf drawn down by a significant 205 mb (-6.6 mb/d) as flows through the Strait of Hormuz were choked off. At the same time, with limited outlets after the effective closure of the Strait, floating storage of crude and oil products in the Middle East rose by 100 mb and onshore crude stocks in the region were up by 20 mb. China added 40 mb of crude to tanks.


• Oil prices posted their largest-ever monthly gain in March in the wake of the most severe oil supply shock in history. Spot crude benchmarks and differentials soared, outpacing futures markets, as refiners anxiously scrambled to replace locked in Middle Eastern cargoes. At the time of writing, North Sea Dated crude was trading around $130/bbl – $60/bbl above pre-conflict levels.

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2. IEA - Gas Market Report, Q2-2026

IEA (2026), Gas Market Report, Q2-2026, IEA, Paris https://www.iea.org/reports/gas-market-report-q2-2026, Licence: CC BY 4.0

About this report
This edition of the IEA's quarterly Gas Market Report provides a comprehensive review of developments during the 2025/26 heating season and a special spotlight on the effects of the war in the Middle East on international gas markets. Amid the major supply shock caused by the disruptions to shipping through the Strait of Hormuz and attacks on regional energy infrastructure, it examines the conflict’s implications for gas supply and demand at both the regional and global levels. The report also analyses the consequences for storage, shipping and prices – providing critical insights on evolving market trends.

The loss of nearly 20% of global liquefied natural gas (LNG) supply due to the effective closure of the strait is distorting short-term gas market fundamentals, while damage from attacks on LNG liquefaction facilities in the Middle East is altering the medium-term outlook. The conflict is now expected to delay a significant amount of new LNG capacity that had been on track to come online in the second half of this decade. While gas producers are making efforts to increase supply, the demand side is set to play a key role in balancing the market – particularly in Asia, where fuel switching is already picking up alongside energy-saving measures.

The current energy crisis highlights the need to further strengthen the architecture of global gas supply security. The International Energy Agency (IEA) continues to support this process, including through the permanent Working Party on Natural Gas and Sustainable Gases Security (GWP).

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