The Iran war has sent global markets careening over the past three weeks — triggering energy crises in many countries and wiping out trillions in wealth. The head of the International Energy Agency warned on Monday that the current situation was ‘worse than the combined impact of two oil shocks in the 1970s and the effect on gas markets of the Russia-Ukraine war’. Fatih Birol also called for countries to implement various energy-saving policies — including remote working and lowered speed limits.
“No country will be immune to the effects of this crisis if it continues to go in this direction,” Fatih Birol told Australia’s National Press Club in Canberra on Monday.
His comments came as Israel launched a new wave of attacks early Monday against Tehran.
A top American commander also told Iranians to remain in shelters for the foreseeable future, while Iran renewed strikes on its Gulf neighbours and threatened to start hitting their power plants.
Birol said 40 energy assets in nine countries across the region were “severely or very severely damaged.” The official added that he was consulting with governments in Europe and Asia about the prospect of releasing further stockpiled oil.
“We will see, we will look at the markets,” he said. “If it is necessary of course we will do it, but we will look at the conditions, we will analyse, assess the market and discuss with our member countries.” As Iran continues its stranglehold on the Strait of Hormuz, US President Donald Trump gave a 48 hour deadline for Tehran to open the strategic waterway to all ships, saying that otherwise the United States would “obliterate” Iran’s power plants.
Trump posted the threat to social media early Sunday in Middle East time zones.