Unhedged How an energy crisis unfolds
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Apr 2, 2026 
Malcolm Moore, Energy editor at the Financial Times and global energy markets specialist, breaks down fallout from the Iran war. He explains market panic, how much oil is effectively missing, logistics and contract headaches, which countries are most at risk, jet fuel strains, why coal may surge as a fallback, and best- and worst-case timelines for recovery.
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Middle East Disruption Hits Beyond Oil
- Energy supply disruption from the Middle East affects more than oil and gas; sectors like semiconductor production rely on regionally sourced materials such as helium.
- Moore points out helium for chip making is sourced from the Middle East, illustrating broader supply-chain exposure.
From Glut To Shortage After Iran Shock
- The energy world rapidly shifted from expecting a supply glut to facing major shortages after the Iran war disrupted Middle East exports.
- Malcolm Moore notes Brent began the year near $60 and market participants underestimated risks like blocked Hormuz routes and missile strikes on LNG facilities.
Millions Of Barrels Trapped Create Immediate Gap
- OilX estimated April would see about 7.5 million barrels per day trapped in the Gulf, while demand fell only ~2.5 million bpd, creating a roughly 5 million bpd market gap.
- Moore explains that last deliveries to Asia have ceased and cargo timing means shortages manifest with a lag as tankers reroute or stop.