Paris: The ongoing conflict involving Iran, the United States, and Israel is triggering what could be the most severe energy crisis in history, according to the head of the International Energy Agency (IEA), Dr Fatih Birol. He described the situation as unprecedented, highlighting the combined impact of oil and gas disruptions on global markets.

The crisis has intensified due to disruptions in the Strait of Hormuz, a key route for nearly one-fifth of the world’s oil and liquefied natural gas shipments. The situation is further aggravated by the lingering effects of the Russia-Ukraine war, which had already strained energy supplies, particularly in Europe.

Birol noted that the current conditions surpass previous global energy crises, including those in 1973, 1979, and 2022. In response to rising prices, the IEA recently released a record 400 million barrels of oil from strategic reserves in an effort to stabilize the global energy market.

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