New Delhi, May 17 -- The diplomatic stalemate between the US and Iran has spiralled into one of the most severe energy crises in modern history. The failure to secure a breakthrough agreement has left the global energy market reeling from an unprecedented supply shock, with policymakers appearing as helpless as cats chasing the shadows of birds overhead.

The West Asia conflict and blockade of the Strait of Hormuz triggered a historic drain on global oil inventories, which plunged by 246 million barrels across March and April alone. According to the latest International Energy Agency (IEA) data, cumulative supply losses from Gulf producers have now exceeded 1 billion barrels, with more than 14 million barrels per day (mbpd) currently shut...