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Iran war threatens energy crisis worse than 1970s two oil shocks
The boss of the International Energy Agency, Fatih Birol, spoke out as the war grinds into its fourth weekThe world faces an energy crisis worse than both 1970s oil shocks combined if the Middle East war drags on, the head of the International Energy Agency (IEA) warned on Monday, as Israel launched fresh strikes on Tehran and threatened weeks more fighting.
In a stark warning over what lies ahead unless the fighting ends soon, Fatih Birol said the world was losing more oil each day than the combined impact of the two 1970s oil shocks and Russia's invasion of Ukraine.
"This crisis as things stand is now two oil crises and one gas crash put all together," Birol said.
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"No country will be immune to the effects of this crisis if it continues to go in this direction."
Earlier, with the war grinding into its fourth week, US President Donald Trump threatened to "obliterate" Iranian power plants if Iran failed to reopen the Strait of Hormuz within 48 hours, setting an effective deadline of 23:44 GMT on Monday.
Tehran has retaliated against US-Israeli assaults by throttling traffic in the vital waterway, conduit for a fifth of global crude oil, hitting energy sites and US embassies across the Gulf and firing missiles and drones at Israel.
The Islamic republic issued a firm response to the new ultimatum, with powerful parliament speaker Mohammad Bagher Ghalibaf vowing vital infrastructure across the region will be "irreversibly destroyed" if Trump acts on his threat.
At least 40 energy assets in the oil- and gas-exporting region have already been "severely or very severely damaged", the IEA's Birol said, with oil prices driven above US$100 a barrel over supply fears.
In recent days, Iran has allowed a handful of vessels from countries it considers friendly to pass through the Strait of Hormuz, but warned it would block ships from nations joining the "aggression" against it.
Oil prices rose again on Monday while stocks tumbled after Trump and Iranian leaders traded threats, and Israel said the Middle East war could last several more weeks.
And there are further signs of the real-world impact far beyond the region, including a major Cambodian energy supplier saying it would halt sales of liquefied petroleum gas due to war-linked supply disruptions.
Trump has offered varying timelines and objectives for the war, saying Friday he was considering "winding down" the operation, only to later threaten Iran's power plants.
Israeli Prime Minister Benjamin Netanyahu has spoken of a long-term campaign against Iran's government, a state sponsor of Hamas, which launched the October 7, 2023 attack against Israel, triggering the war in Gaza.
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This article originally appeared on the South China Morning Post (www.scmp.com), the leading news media reporting on China and Asia.
Copyright (c) 2026. South China Morning Post Publishers Ltd. All rights reserved.
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