Oil crisis triggered by blockade of strait of Hormuz prompts emergency measures to protect supply and halt rising prices

Shrinking fuel stocks and soaring prices are leading countries around the world to burn coal, ration fuel, shorten work weeks and tell citizens to stay at home.

Fossil fuel supplies have reduced since the war against Iran led to the closure of the strait of Hormuz, a crucial shipping route for oil and seaborne gas. The shortfall has prompted emergency measures as government’s attempt to halt rising costs that have thrown economies into chaos.

The International Energy Agency (IEA), whose members sought to calm markets by releasing 400m barrels of oil from their strategic reserves last month, has called for actions such as flying less and driving slower.