The USA-Israel war against Iran is generating the most severe energy crisis in world history, stated the head of the International Energy Agency, an institution that advises 32 countries on energy and energy security.
„This is indeed the biggest crisis in history,” said Fatih Birol in an interview broadcast this morning on France Inter and cited by The Guardian.
"The crisis is already huge, if we combine the effects of the oil crisis and the gas crisis related to Russia."
Birol stated that it will take approximately two years to recover the lost energy production in the Middle East due to the war.
In response to the US and Israel's attacks on Iran at the end of February, Tehran has practically closed the Strait of Hormuz for ships, allowing only a relatively small number of vessels from "friendly" countries such as China, Malaysia, and Pakistan to transit.
The de facto closure of the strait, through which about 20% of the world's oil and liquefied natural gas usually passes, as well as the damage to regional infrastructure, has caused the biggest disruption in the history of the global oil market, according to the IEA.
The situation has fueled fears of a global recession and led to a rapid increase in energy prices, prompting some countries to introduce fuel rationalization and restrictions on electricity consumption.
The United States continues to block the strait after capturing an Iranian-flagged cargo ship on Sunday, thus prolonging the economic difficulties felt globally, especially by poorer countries dependent on energy imports.
There is only one day left until the USA-Iran ceasefire expires, and there is currently no guarantee that it will be extended.
However, the European oil price has dropped below $94/barrel, this morning, amid optimism about a possible new round of peace negotiations between the USA and Iran.
Yet, the USA and Iran are combining openness to negotiations with direct threats, making a quick agreement unlikely.
B.B.