Escalating Tensions: Iran Vows to Retaliate Against US Energy Infrastructure
As world leaders trade threats over the Strait of Hormuz, the IEA chief warns an Iran-US war could spark an energy crisis worse than the 1970s oil shocks and the Ukraine war combined.
The Middle East crisis is intensifying as tensions escalate between the US and Iran. Fatih Birol, the chief of the International Energy Agency (IEA), has warned that a war between the two countries could lead to an energy crunch worse than the 1970s oil shocks and the ongoing Ukraine war combined.
According to Birol, the world is currently losing around 11 million barrels of oil per day, a figure that exceeds the disruptions caused by the 1973 and 1979 energy crises. The Iranian Revolutionary Guard Corps (IRGC) has also threatened to completely close the Strait of Hormuz if the US takes action against Iranian infrastructure.
The escalating situation has sent shockwaves through global financial markets, with Seoul and Tokyo stock exchanges taking the brunt of the selling, shedding up to 6% and 5% respectively at one point.
Iranian President Masoud Pezeshkian has stated that
Source: The Guardian
