‘Nightmare scenario’ looms as global markets head for the biggest oil output disruption in history, top energy guru warns

The U.S.-Israeli war on Iran is quickly spiraling into a worldwide energy crisis as the de facto closure of the Strait of Hormuz forces top oil producers to start slashing output.

The seeds of the crisis go back to the late 1970s when Iranian oil workers went on strike and the revolution ushered in the Islamic Republic, Daniel Yergin, vice chair of S&P Global and the author of The Prize: The Epic Quest for Oil, Money and Power, wrote in a Financial Times op-ed this weekend.

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