The global oil shortage crisis has intensified as the last pre-war shipments from the Strait of Hormuz are set to arrive at refineries worldwide. The United States' maritime blockade on the Strait has exacerbated the situation, with the final tankers expected to reach Malaysia, Australia, and the U.S. by April 20. Analysts warn that this marks a critical phase in the crisis, with European and U.S. refineries likely to cut production next month. Oil prices have surged, with North Sea Forties crude reaching nearly $149 per barrel, the highest since before the 2008 financial crisis. Brent crude futures are trading around $100 per barrel. The competition for remaining cargoes has driven spot crude prices to record premiums over futures. The average daily volume of Middle Eastern crude arriving in Asia has plummeted to 4 million barrels, significantly below the usual 13.4 million barrels. Countries heavily reliant on Middle Eastern oil, such as the Philippines, have declared national energy emergencies. Measures like fuel rationing and reduced fuel taxes are being implemented globally. The United Nations warns that the crisis could push 32.5 million people into poverty due to rising energy and food prices and economic downturns.