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View all search resultsCurrent oil and gas crisis worse than 1973, 1979, 2002 combined: IEA
"The world has never experienced a disruption to energy supply of such magnitude," he said in an interview with the French newspaper released in its Tuesday edition.
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In this file photo dated March 11, 2026, cargo ships in the Gulf, near the Strait of Hormuz, as seen from northern Ras al-Khaimah, near the border with Oman’s Musandam governance, amid the US-Israeli conflict with Iran, in the United Arab Emirates. (Reuters/Stringer)
T
he current oil and gas crisis triggered by the blockade of the Strait of Hormuz is "more serious than the ones in 1973, 1979 and 2002 together", Fatih Birol, the head of the International Energy Agency (IEA), told Le Figaro newspaper.
"The world has never experienced a disruption to energy supply of such magnitude," he said in an interview with the French newspaper released in its Tuesday edition.
He said the European countries, as well Japan, Australia and others will suffer, but the countries most at risk were developing nations which will suffer from higher oil and gas prices, higher food prices and a general acceleration of inflation.
The IEA member countries agreed last month to release part of their strategic reserves. Some of this had already been released and the process continues, said Birol.
In reaction to the strikes by Israel and the US, Iran has almost entirely blocked the traffic in the Strait of Hormuz, through which about 20 percent of world oil and gas regularly flows, creating a surge in energy prices.
Oil prices rose Tuesday while equities edged up tentatively as investors assessed Donald Trump's latest deadline for Iran to reopen the strategic Strait of Hormuz or be "decimated".
As the Middle East war entered its sixth week, the US president warned Tehran that its civilian infrastructure would be destroyed if it did not let ships through the waterway, through which a fifth of global crude and gas passes.
Both main oil contracts rose Tuesday, with West Texas Intermediate around $115 -- its highest in a month -- and Brent sitting above $111.
Equity markets fluctuated, with Tokyo flat, while Shanghai, Sydney, Seoul, Taipei, Wellington, Manila and Bangkok rose along with London, Paris and Frankfurt.
Singapore, Mumbai and Jakarta fell. Hong Kong was closed for a holiday.
