The global energy crisis of 2026, exacerbated by the ongoing US-Iran conflict, has led to the loss of nearly 600 million barrels of oil supply, significantly disrupting markets. This supply shock has caused US gas prices to rise by 47% since December and inflation to approach 4%, reminiscent of the 1970s oil crisis. Europe faces a severe jet fuel shortage, with prices surging over 100% and only six weeks of reserves remaining. The crisis is impacting monetary policy, with expectations of interest rate cuts diminishing as inflation rises. The University of Michigan Consumer Sentiment Index has dropped to a record low of 47.6, reflecting growing economic pessimism. Furthermore, the crisis is widening wealth inequality, as asset owners benefit from rising stock prices while average households struggle with increased living costs. Looking ahead, the crisis emphasizes the need for energy security and diversification, as economies adapt to sustained energy shocks.