Oil and gas crisis from Iran war worse than 1973, ​1979 and 2022 together, says IEA

IEA chief Fatih Birol warns the oil and gas crisis from the Hormuz blockade surpasses the combined impact of the 1973 and 1979 shocks and the 2022 Ukraine war fallout, as markets react to Trump's deadline.

IEA chief Fatih Birol warns the oil and gas crisis from the Hormuz blockade surpasses the combined impact of the 1973 and 1979 shocks and the 2022 Ukraine war fallout, as markets react to Trump's deadline. | Contesto: cronaca

Punti chiave

  • Oil and gas crisis from Iran war worse than 1973, ​1979 and 2022 together, says IEA

Contesto

The head of the International Energy Agency has issued a stark warning, declaring the current oil and gas crisis triggered by the blockade of the Strait of Hormuz more serious than the major shocks of 1973, 1979, and 2022 combined. Fatih Birol's assessment to Le Figaro places the Middle East conflict's market impact above the historic twin oil crises of the 1970s and the disruption from Russia's invasion of Ukraine. This grave evaluation comes as a critical deadline set by former President Donald Trump for Iran to reopen the vital waterway approaches. The Strait of Hormuz is a crucial maritime chokepoint for global energy shipments, and its closure has sent severe ripples through world markets. The tension is already manifesting in volatile financial conditions, with oil prices swinging sharply and stock markets growing tense. The direct link between geopolitical deadlines and market instability underscores the fragility of global energy security in the current climate. The statement from the IEA, a leading global energy authority, frames the crisis not as a regional issue but as an unprecedented global supply shock. It suggests the economic consequences could dwarf those of recent history, calling for urgent international attention as the deadline looms.

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Categoria: cronaca