'Crisis worse than two 1970s oil shocks put together': IEA chief's big warning on Hormuz

2026-03-23 - 04:49

The world faces an unprecedented energy crisis, a potent mix of oil and gas shocks, warns the International Energy Agency. With infrastructure damaged and the vital Strait of Hormuz threatened, global economic stability is at risk. The agency stresses the need for international cooperation to resolve the escalating situation and prevent widespread fuel shortages.