The U.S. strike on Iran triggered the biggest energy shock in history
The U.S. military operation against Iran has triggered the most severe energy crisis in history, and it could take at least six months to restore oil and gas supplies from the Persian Gulf.
This was stated by Fatih Birol, head of the International Energy Agency.
According to him, the current conflict is “the greatest threat to global energy security in history.” Gas supply losses are already twice as high as those Europe suffered due to reduced supplies from Russia in 2022.
Oil losses, as Birol noted, exceed the scale of the oil crises of the 1970s, which at the time led to global recessions and fuel shortages.
The IEA emphasizes that the situation is worsening due to the de facto blockade of the Strait of Hormuz, through which a significant portion of global oil and liquefied natural gas supplies pass.
Even if the conflict ends quickly, it will take a long time to restore operations at the fields, some of which have been shut down or damaged.
Additionally, Britain is under pressure from Iran over bases for the U.S.
Israel announced the elimination of an Iranian Basij intelligence officer.
Trump is considering seizing a key hub for Iranian oil.
Trump is negotiating with Japan regarding participation in the war against Iran, according to Reuters.
