Global economy under 'major threat' from Strait of Hormuz crisis: IEA chiefInternational Energy Agency chief Fatih Birol compares the current energy crisis to those of the 1970s and the impact of Russia's 2022 invasion of Ukraine. (Photo: AFP)SYDNEY - The global economy is under "major threat" from the energy crisis caused by the Middle East war and "no country will be immune" to its effects, International Energy Agency chief Fatih Birol said on Monday. Speaking at the National Press Club in Australia's capital, Birol compared the current energy crisis to those of the 1970s and the impact of Russia's 2022 invasion of Ukraine. "This crisis as things stand is now two oil crises and one gas crash put all together," Birol said. "The global economy is facing a major, major threat today, and I very much hope that this issue will be resolved as soon as possible.

Source: Bangkok Post March 23, 2026 09:32 UTC