2026-04-21 23:11:50
IEA Chief: US-Israel-Iran Conflict Driving Global Energy Crisis, Most Severe in History
IEA's Birol warns the US-Israel-Iran conflict threatens a historic global energy crisis, worsened by Ukraine disruptions; Hormuz shipping disruptions spike volatility, prompting a record 400 million-barrel reserve release.
Abstract: This article highlights IEA Director Fatih Birol's warning that the US-Israel-Iran conflict risks triggering a historic global energy crisis, intensified by the Ukraine crisis. It notes that about 20% of global crude oil and LNG transit via the Strait of Hormuz, where disruption elevates market volatility. It also reports that on March 11 the IEA's 32 member countries approved a record 400 million barrel release of strategic petroleum reserves to ease tight oil supplies.