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The Executive Director of the International Energy Agency (IEA), Fatih Birol, has said the ongoing war between the United States and Iran is causing the biggest energy crisis in history.
“This is indeed the biggest crisis in history,” Birol told France Inter radio in an interview broadcast on Tuesday.
“The crisis is already huge, if you combine the effects of the petrol crisis and the gas crisis with Russia.”
The war between the US and Iran has caused a global energy crisis, particularly as both countries engage in a blockade standoff in the Strait of Hormuz, a crucial trade route through which about 20% of the world’s energy supplies pass.
Prior to the ongoing escalation, the Russia-Ukraine war had already severed Russian gas supplies to Europe. Earlier this month, the IEA Executive Director said he viewed the current situation in global energy markets as worse than the crises in 1973, 1979, and 2022 combined.
The IEA had agreed to release a record 400 million barrels of oil from strategic stockpiles to combat rising oil prices caused by the U.S.-Israeli war with Iran in March.
