Global energy crisis deepens

As the blockade of the Strait of Hormuz continues, the world's energy markets are facing unprecedented volatility and supply shocks.

Saudi Arabia has raised its crude premiums to record levels, while countries from Italy to Sri Lanka are reporting severe fuel shortages and rising utility costs.

In his annual letter to shareholders, Jamie Dimon cautioned that the 'geopolitical skunk at the party' could redefine the global economic order.

The crisis is also accelerating a shift back toward nuclear power in Asia as natural gas supplies remain precarious.