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Oil and gas crisis from Iran war worse than 1973, 1979 and 2022 together, says IEA
Oil prices swing and stock markets tense on approach to Trump’s deadline for Iran to reopen strait of Hormuz
The oil and ‌gas crisis triggered by the blockade of the strait of Hormuz is “more serious than the ones in 1973, ​1979 and 2022 togetherâ€, the head of the International Energy Agency (IEA) has said.
Speaking as Donald Trump’s deadline for Iran to reopen the waterway approached, Fatih Birol told â Le Figaro newspaper that the impact of the Middle East conflict on the oil market was larger than the combined force of the twin shocks of the 1970s and the fallout from Russia’s invasion of Ukraine.
War forces a harsh reckoning on energy
The Iran conflict has cemented the shift from concerns about sustainability to security of supply.
Despite the urging of the global renewables industry and the European Union, most of the world has consistently refused to pay a “green premium” for energy.
That pricing reality was clear well before the Iran war. But the conflict’s massive disruption to oil and gas markets has abruptly switched the global focus to the prospect of a “security premium” for what were commonly derided as fossil fuels in steady decline.
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