Mideast war threatens energy crisis worse than 1970s oil shocksRocket trails seen in the sky above the Israeli coastal city of Netanya early on Monday. (Photo: AFP)TEHRAN — The world faces an energy crisis worse than both 1970s oil shocks combined if the Middle East war drags on, the head of the International Energy Agency (IEA) warned Monday, as Israel launched fresh strikes on Tehran and threatened weeks more fighting. "This crisis as things stand is now two oil crises and one gas crash put all together," Birol said. "No country will be immune to the effects of this crisis if it continues to go in this direction." At least 40 energy assets across the oil- and gas-exporting region have already been "severely or very severely damaged", Birol said, with oil prices driven above US$100 a barrel over supply fears.

Source: Bangkok Post March 23, 2026 10:43 UTC