Live: Iran faces Trump's Hormuz ultimatum as IEA warns of worst global energy crisis in decades

President Trump has issued Iran a deadline to open the Strait of Hormuz or face major U.S. military strikes on power plants, marking an escalation in U.S.-Iran tensions as Israel signals weeks of continued warfare. The International Energy Agency has warned the standoff poses a more severe energy crisis than the 1970s oil shocks, given Iran's strategic control of one of the world's most critical oil chokepoints. The Strait of Hormuz is a vital shipping channel through which roughly one-third of global seaborne oil passes, making any disruption to traffic a potential threat to energy markets worldwide. Israel's stated intention to extend military operations compounds the risk, as regional instability could further constrain oil supply and drive up prices globally. The convergence of Trump's ultimatum and expanding conflict creates the potential for a major disruption to global energy supplies and economic stability.