THE 2026 GLOBAL ENERGY CRISIS AND THE GLOBAL ENERGY TRANSITION

Abstract

This academic article aims to: 1) analyze the causes and impacts of the global oil price crisis in 2026; 2) examine its effects on the industrial, aviation, logistics, and manufacturing sectors, which contributed to inflationary pressures, rising costs of living, and economic instability in many countries, particularly net energy-importing countries such as Thailand; and 3) explain how this crisis reflects the contradictions inherent in the global energy transition. This study employs a documentary research approach by analyzing data from international organizations, including the International Energy Agency (IEA), U.S. Energy Information Administration (EIA), International Monetary Fund (IMF), and the World Bank, as well as scholarly literature on the political economy of energy and energy geopolitics. The collected data were analyzed through descriptive and interpretive methods within the framework of the political economy of energy.  e findings indicate that the 2026 energy crisis was rooted in geopolitical conflicts in the Middle East and disruptions to critical energy transportation routes, particularly the Strait of Hormuz. These developments led to sharp increases in global oil and natural gas prices and generated cascading effects across production, transportation, aviation, and household living costs worldwide, especially in net energy-importing countries such as Thailand. Furthermore, the study reveals that energy price volatility was not driven solely by physical supply constraints but was also influenced by market power, investor expectations, and the limitations of the global energy transition process, which has not yet been able to substantially reduce dependence on fossil fuels.The study concludes that addressing energy crises in the twenty-first century requires an integrated policy approach that links energy security, economic efficiency, social equity, and environmental sustainability. Although many countries have accelerated the promotion of clean energy, the emerging energy system has not yet fully replaced the conventional fossil-fuel-based system. Building a resilient energy system capable of coping with future uncertainties therefore remains a critical policy challenge.