🏦 Introduction By May 2026 , global energy trade is facing one of its most turbulent periods in recent history. The ongoing Middle East conflict has disrupted oil and gas flows through the Strait of Hormuz , cutting Gulf exports by more than 14 million barrels per day . Brent crude prices have surged to an average of $120 per barrel , while natural gas markets remain volatile due to LNG facility damage in Qatar. Despite these challenges, energy trade is adapting. The United States, North Sea, and West Africa have increased exports to offset Gulf supply losses. Meanwhile, renewable energy investments are accelerating as countries seek to reduce dependence on fossil fuels and strengthen energy security. 📊 Global Oil Trade – May 2026 World oil demand : Contracted by 420,000 barrels/day , now at 104 mb/d . Supply losses : Fell by 1.8 mb/d in April , totaling 12.8 mb/d lost since February . Strait of Hormuz impact : Gulf output remains 14.4 mb/d below pre‑war levels . Prices : ...