Energy — Strait of Hormuz Crisis Escalates as UAE Exits OPEC, Big Oil Declines Output Hike

Energy · 2026-05-05

The energy world is now operating in a full-blown supply crisis centered on the Strait of Hormuz. Oil surged to $114 after Iranian strikes on a UAE port and claimed missile hits on a U.S. Navy vessel, while the U.S. launched 'Project Freedom' to forcibly reopen the strait. This is not a transient spike — physical shortages are emerging (per Chevron's CEO), Big Oil is explicitly refusing to grow…