Global energy prices and supplies still have room to get much worse, executives and analysts warned.

A “great repricing is underway,” Semafor’s energy editor wrote, as experts raise their forecasts for oil and gas prices — “a sign that the gravity of the situation is finally landing.” Global oil reserves shrank at record speed in April, and supplies of jet fuel and liquefied petroleum gas are poised to plunge in Asia, Africa, and Europe.

Even as Washington attempts to safely escort ships through the Strait of Hormuz, many companies are adopting a “wait-and-see” approach as fears of attacks persist, a marine insurance executive told Semafor; shipping insurance rates won’t come down until there’s more evidence the escorts can materially improve safety.