The head of the International Energy Agency (IEA), Fatih Birol, has declared that the ongoing conflict between Iran, the U.S., and Israel is leading to the worst energy crisis in history. In a recent interview, Birol emphasized that the current situation is unprecedented, compounded by both the petrol and gas crises linked to Russia.
The war in the Middle East has severely disrupted maritime traffic in the Strait of Hormuz, a critical passage for about 20% of global oil and liquefied natural gas shipments. This crisis is further exacerbated by the fallout from Russia’s invasion of Ukraine, which had already curtailed gas supplies to Europe.
Birol noted that the current state of global energy markets surpasses the crises of 1973, 1979, and 2022 combined. In response to soaring oil prices driven by the U.S.-Israeli conflict with Iran, the IEA announced in March its decision to release a record 400 million barrels of oil from strategic reserves.
This situation underscores the interconnected nature of global energy markets and the profound impacts of geopolitical tensions on energy security.
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