The End of Oil? Global Crisis Pushes 50+ Nations Toward Historic Fossil Fuel Phaseout

A massive global energy crisis is reshaping the future of oil, as more than 50 nations prepare to meet in Colombia to negotiate what could become the world’s first coordinated fossil fuel phaseout treaty. The urgency comes amid unprecedented disruptions triggered by the ongoing geopolitical conflict involving the United States, Israel, and Iran. At the center of the crisis is the closure of the Strait of Hormuz—one of the world’s most critical energy chokepoints—through which nearly 20–25% of global oil trade normally flows. The blockade has led to the largest oil supply shock in modern history, with millions of barrels per day cut off from global markets, sending fuel prices soaring and triggering shortages across Asia and beyond.

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