The head of the International Energy Agency has warned of a potentially catastrophic energy crisis, triggered by the ongoing conflict between Iran, the United States, and Israel.
Fatih Birol stated that the crisis is already severe, with the effects of the petrol crisis and the gas crisis combined with Russia's war in Ukraine.
The escalation in the Middle East has disrupted maritime traffic through the Strait of Hormuz, a key route that carries one-fifth of global oil and liquefied natural gas supplies.
Oil prices have shown some easing as markets wait for possible negotiations between Washington and Tehran, though both sides remain at odds on ending the conflict.
The IEA agreed in March to release a record 400 million barrels of oil from strategic reserves in response to rising oil prices.
