Warnings of Historic Oil Spike Toward $150 as 1 Billion Barrels Lost Due to Hormuz Closure

 The global energy system faces a supply deficit of at least 10% in the current quarter of 2026, prompting the IMF and the ECB to slash global growth forecasts. Market data indicated that the aviation sector is the hardest hit, with major carriers like Lufthansa and United cutting flights to cope with exorbitant fuel costs. As gasoline prices exceed $4 per gallon in the US and diesel reaches record highs in Europe, recession is creeping toward major economies, amid a global demand drop of over 5.3 million barrels per day, the largest decline in five years.