World
Iran-Ukraine War's Devastating Energy Crisis Exceeds '70s Oil Shocks
March 23, 2026
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IEA Chief Fatih Birol warns the global energy crisis sparked by the Iran-Ukraine war is worse than the 1970s oil shocks and Ukraine invasion combined, threatening vital economic sectors.
The global energy crisis triggered by the war in Iran has proven to be as severe as the combined impact of the twin oil shocks of the 1970s and the fallout from Russia's invasion of Ukraine, according to the head of the International Energy Agency (IEA), Fatih Birol.
Birol, the IEA's executive director, cautioned that the escalating consequences could be significantly exacerbated by disruptions to the
Source: The Guardian
Energy industry
Business
US-Israel war on Iran
Oil
Anthony Albanese
