Renewed hostilities between the USA, Israel, and Iran have triggered an escalation of the global energy crisis, with Brent crude nearing $120 a barrel and effectively closing the Strait of Hormuz.In response, the International Energy Agency and the USA are releasing a record 572 million barrels from strategic reserves, yet analysts caution this is insufficient to offset the millions of barrels per day offline.The conflict fuels inflationary risks and market volatility, prompting G7 leaders to seek coordinated measures as Asian nations implement emergency conservation strategies.Analysts warn that this volatility could persist, with prices potentially reaching $140 per barrel and raising concerns about stagflation if hiring weakens further.