Iran war threatens energy crisis worse than 1970s two oil shocks

2026-03-23 - 10:42

The 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...