Iran war energy crisis equal to 70s twin oil shocks and Ukraine invasion fallout, says IEA chief | First Thing

Fatih Birol, head of the International Energy Agency, has warned that the energy crisis triggered by the war in Iran equals the combined impact of the 1970s oil shocks and Russia's invasion of Ukraine. The disruption stems from Iranian bombings and the potential closure of the Strait of Hormuz, a critical chokepoint through which roughly one-third of global maritime oil passes. Birol said world leaders initially underestimated the effects on energy markets, suggesting a lag in understanding the geopolitical and economic consequences. Former CIA director Leon Panetta has also weighed in, telling the Guardian that President Trump's attack on Iran "sends a message of weakness" to the world. Iran's government is threatening to lay mines across the Gulf in response.