The global energy shock as a result of the conflict in the Middle East has led to oil and gas supply constraints and increased oil prices, which have triggered inflationary pressures and far-reaching fiscal and balance of payment downsides for many countries across the globe. At the microeconomic level, business operations, transport costs and household spending have been severely impacted. Emerging markets will be burdened with increased risks of “currency depreciation, increased import bills, and tighter external financing.” Twenty-one million barrels of petroleum liquids are affected by the closure or near closure of the Strait of Hormuz. The Energy Information Administration (EIA) of the United States estimates that Saudi Arabia’s East-West Pipeline and the Abu Dhabi Crude Oil Pipeline could provide alternative routes for 6.5 million barrels per day, still leaving 14.5 million barrels per day held up by the Hormuz chokepoint. The 3 to 4 million barrels per day spare capacity of the Organisation of Petroleum Exporting Countries (OPEC) and the 1.2 billion barrel of IEA countries may help bridge the gap of global crude oil supply, but not if the crisis and the attendant supply chain disruptions extend beyond three to four months.