Dhaka, March 25 -- The global energy crisis is deepening as emergency measures by governments worldwide have fallen short of plugging the huge shortfall in oil and gas supply caused by the US-Israeli war on Iran, executives and oil ministers said on Tuesday.

Costs for energy, fertilisers and petrochemicals are soaring as the world is losing as much as 20 million barrels of oil per day from Middle East producers due to Iran's effective closure of the shipping chokepoint of the Strait of Hormuz. The impact of the reduction of a fifth of global oil and gas supplies has quickly spread through economies and supply chains.

United Airlines on Tuesday said it may have to raise ticket prices by up to 20%. The Philippines declared a national ener...