PARIS: The conflict involving Iran, the United States and Israel is causing the biggest energy crisis in history, the head of the International Energy Agency said on Tuesday, as disruptions to global oil and gas flows continue.
“This is indeed the biggest crisis in history,” IEA Executive Director Fatih Birol told France Inter 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,” he added.
The conflict in the Middle East has triggered major disruptions in global oil & gas markets.
Our new database offers a snapshot of government actions being implemented to save energy & support consumers in response to the unfolding energy crisis 👉 https://t.co/6Om9ewXmAD pic.twitter.com/Vy0nD6EYK4
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The conflict in the Middle East has severely disrupted maritime traffic through the Strait of Hormuz, a key artery for global energy supplies.
The waterway accounts for roughly one-fifth of global oil and liquefied natural gas flows.
Shipping through the Strait has come close to a standstill after Iran moved to close it following a US blockade of Iranian ports.
Tensions rose further after US President Donald Trump said an Iranian cargo ship had been seized while attempting to bypass the blockade.
Tehran has accused Washington of violating the two-week ceasefire.
The current disruption comes on top of the lingering effects of the Russia-Ukraine war, which has already curtailed Russian gas supplies to Europe.
Birol had earlier warned that the present situation in global energy markets could surpass previous crises, including those in 1973, 1979 and 2022 combined.
In response to rising prices, the IEA agreed in March to release a record 400 million barrels of oil from strategic reserves to stabilise global markets.
Despite the move, oil and gas prices have surged again as supply routes remain constrained and geopolitical tensions persist.
Uncertainty surrounding a second round of peace talks between Washington and Tehran has added to market anxiety, raising fears of a prolonged energy shock.
According to an article by The Guardian, energy correspondent Jillian Ambrose said the scale of the disruption could have far-reaching consequences for global markets.
