Oil and gas crisis from Iran war worse than 1973, ​1979 and 2022 together, says IEA

Oil prices seesaw and stock markets on edge amid Donald Trump’s deadline for Iran to reopen strait of Hormuz Business live – latest updatesThe current oil and ‌gas crisis triggered by the blockade of the strait of Hormuz is “more serious than the ones in 1973, ​1979 and 2022 together”, the head of the International Energy Agency (IEA) has warned, as Donald Trump’s deadline for Iran to reopen the waterway approached on Tuesday.Fatih Birol, the executive director of the IEA, told ⁠Le Figaro newspaper that the impact of the Middle East conflict on the oil market was larger than the combined force of the twin oil shocks of the 1970s and the fallout of Russia’s invasion of Ukraine. Continue reading...