IEA Executive Director Fatih Birol described the 2026 Iran war energy crisis as "the biggest in history" — worse than the 1973 oil shock, the 1979 Iranian revolution, and the 2022 Russia–Ukraine crisis combined. In March, cargo ships had already transited Hormuz before the war — they kept arriving. In April, no new shipments are en route. Pakistan, importing LNG from Qatar and crude via UAE/Kuwait through the Strait, faces the sharpest South Asian exposure. The IEA released a record 400M barrels from emergency stockpiles — calling it "gaining time, not a cure. The cure is opening the Strait of Hormuz."

The electricity crisis is a direct downstream consequence of the Hormuz blockade. Pakistan's three RLNG-based power plants near Lahore — Bhikki (1,180MW), Haveli Bahadur Shah (1,230MW) and Balloki (1,223MW) — together represent over 3,600MW of generation capacity. Qatar declared force majeure on all LNG exports; only 80–90mmcfd of indigenous gas is reaching the power sector vs 350mmcfd needed. On Apr 15, hydropower output also dropped by 1,991MW overnight as reservoir releases declined — compounding the gas shortage. National shortfall hit 4,500–6,500MW on Apr 16. Expected relief: May 9 when Qatar LNG resumes, bringing 160mmcfd to Punjab.