The Fourcast Trump Iran war has unleashed worst ever energy shock, oil and gas expert says
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Mar 31, 2026 Holly Mead, money journalist who covers household budgets and cost‑of‑living hits. Robin Mills, CEO of Qamar Energy and oil and gas market analyst. They discuss the scale of the current energy shock, the difference between price moves and physical fuel shortages, risks to jet fuel and air travel, why disruptions keep prices high, and what governments and households might do next.
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This Oil Shock Is Bigger Than 1973 Or Kuwait
- The current Gulf crisis has removed far more oil from the market than past shocks.
- Robin Mills estimates 12–13 million barrels per day lost versus 3–5 million in 1973 or Kuwait, making this at least twice as severe.
Spot Tanker Prices Reveal Real Shortage
- Physical-market oil prices for immediate deliveries are already far above futures prices.
- Robin Mills notes spot cargos are trading at $130+ when paper futures haven't yet doubled, signalling acute short-term tightness.
Cut Costs Now Focus On What You Control
- Households should focus on immediate, controllable cost savings rather than macro panic.
- Holly Mead suggests reduce home energy use, use cars less, switch providers, and lock in better deals where possible.