The conflict involving Iran, the United States and Israel is creating what the International Energy Agency (IEA) has described as the biggest energy crisis in history.
IEA Executive Director Fatih Birol said on Tuesday that the current crisis could exceed the severity of previous global energy shocks, citing simultaneous pressure on oil and gas supplies alongside the continuing fallout from Russia’s war in Ukraine.
Speaking to France Inter radio, Birol said the world was facing “the biggest crisis in history”, adding that the current turmoil combines the effects of both petrol and gas crises.
Maritime traffic through the Strait of Hormuz remains under strain due to the ongoing conflict.
The waterway carries around one-fifth of global oil and liquefied natural gas flows, making it one of the world’s most critical shipping chokepoints.
Security concerns in the region have increased risks for tanker operators, shipowners and energy markets, with the disruption adding pressure to supply chains already affected
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