IEA Executive Director Fatih Birol warns the current energy crisis is more severe than the 1973, 1979, and 2022 shocks combined. The blockade of the Strait of Hormuz triggered the disruption. Approximately 20% of the world's oil supply flows through this critical waterway.
Tensions between the U.S. and Iran have escalated as a deadline for reopening the strait looms. U.S. forces reportedly struck Iranian military infrastructure on Kharg Island, a primary oil export hub.
Analysts forecast U.S. gasoline prices could breach a record $5 per gallon if the strait remains closed. This price surge would significantly impact consumers and accelerate global inflation.