Global economy under 'major threat' from Strait of Hormuz crisis: IEA chief

Sawt Falasteen - Global economy under 'major threat' from Strait of Hormuz crisis: IEA chief

Global economy under 'major threat' from Strait of Hormuz crisis: IEA chief / Photo: JUSTIN TALLIS - POOL/AFP/File

Global economy under 'major threat' from Strait of Hormuz crisis: IEA chief

ECONOMY 23.03.2026

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 Monday.

Text size:

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.

"No country will be immune to the effects of this crisis if it continues to go in this direction. So there is a need for global efforts."

US President Donald Trump and Tehran have issued tit-for-tat threats as the war entered its fourth week, with the US president demanding the Islamic republic reopen the blocked Strait of Hormuz, through which around 20 percent of the world's oil and gas shipments transit.

The bottleneck has nearly halted all petroleum shipments through the narrow waterway.

Oil prices rose again early Monday, with US benchmark crude briefly touching the $100-per-barrel mark.

Birol told Australian media that at least forty energy assets across the region had been "severely or very severely damaged" in the conflict.

W.AbuLaban--SF-PST

CMSC	-0.42%	21.36	$
RBGPF	-3.92%	68.65	$
NGG	0.3%	81.29	$
GSK	1.51%	50.28	$
BCE	-0.51%	23.35	$
BP	0.75%	42.85	$
RELX	-2.59%	33.56	$
BTI	-2.39%	55.73	$
AZN	0.28%	156.89	$
RIO	1.57%	97.21	$
RYCEF	1.04%	21.06	$
CMSD	-0.15%	21.18	$
BCC	-1.59%	81.94	$
VOD	-1.36%	16.2	$
JRI	-1.04%	12.48	$

Sawt Falasteen - Global economy under 'major threat' from Strait of Hormuz crisis: IEA chief

Global economy under 'major threat' from Strait of Hormuz crisis: IEA chief

Featured

A Viking longship in 'The Odyssey'? It's a case of history meets Hollywood

Copper powers profit rise at mining giant BHP

How families in Milei's Argentina sank deep into debt

Brazil's Lula hails new oil find as 'passport to the future'