"The biggest oil and gas crisis" - IEA Chief Birol: Worse than 1973, 1979 and 2002 combined
The current oil and gas crisis caused by the blockade of the Strait of Hormuz is "more serious than those of 1973, 1979 and 2002 combined," said Fatih Birol, head of the International Energy Agency (IEA). "The world has never experienced an energy supply disruption of this magnitude," he added.
Birol stressed that European countries, as well as Japan, Australia and others, will suffer, but the countries most at risk are developing ones, which will face higher oil and gas prices, food prices and an acceleration of inflation.
IEA member countries agreed last month to release part of their strategic reserves of about 400 million barrels.
In response to Israeli and US attacks, Iran has almost completely blocked traffic in the Strait of Hormuz, through which about 20% of the world's oil and gas regularly flows, creating a surge in energy prices.
Oil prices continued to rise on Tuesday as a US deadline for Iran to open the Strait of Hormuz approached, with President Donald Trump threatening attacks on Iranian bridges and power plants.
Brent crude futures rose $1.44 to $111.21 a barrel, while West Texas Intermediate crude futures rose $2.32 to $114.73.
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