IEA warns Iran war rivals 1970s shocks, as oil nears $113

IEA head Fatih Birol warned Monday that the energy crisis from the war in Iran rivals the 1970s oil shocks and the Ukraine war combined.

The closure of the Strait of Hormuz has removed 11 million barrels of oil from the daily market. The conflict has also cut 140 billion cubic meters of natural gas per day.

Oil prices climbed toward $113 a barrel as global stock markets plunged. The crisis follows a U.S. ultimatum demanding Iran reopen the strait.

Saudi Aramco CEO Amin Nasser canceled his appearance at the CERAWeek conference in Houston due to the escalation. The supply disruption now dominates the annual energy industry gathering.