Is the world at risk of another energy shock?

What the report says

Al Jazeera reported on July 29, 2026, that simultaneous disruptions on three major maritime energy routes are raising concern about a potential global energy shock. The outlet said shipping through the Strait of Hormuz remains effectively stopped, while tankers are also steering clear of Bab al-Mandeb after threats by Yemen’s Houthi forces against Saudi-linked vessels. It also cited Ukrainian strikes on Russian export infrastructure affecting the Black Sea route.

According to Al Jazeera, the affected corridors span the Gulf, the Red Sea and the Black Sea, creating pressure on routes tied to a large share of global oil movement. The report said the disruptions put at risk trade flows equivalent to nearly one-quarter of global oil supplies at a time when reserves are at multiyear lows, increasing the vulnerability of consumers and economies to higher costs.

The report also cited Goldman Sachs as saying oil prices could move above $120 a barrel by the fourth quarter if disruption in the Strait of Hormuz alone continues. That forecast underscores why the issue matters beyond shipping: prolonged interruptions could feed into fuel costs, inflation and wider economic stress for import-dependent countries.

Broader context: the Strait of Hormuz and Bab al-Mandeb are among the world’s most closely watched maritime chokepoints, while the Black Sea has been affected by the Russia-Ukraine war. Al Jazeera’s report frames the unusual convergence of problems across all three routes as the key factor heightening market anxiety.