IEA Head Warns: Iran War Poses 'Major Threat' to Global Economy

• IEA head Fatih Birol stated the global economy faces a "major, major threat" due to the Iran war.
• Birol warned no country would be immune to the crisis's effects, calling its impact worse than 1970s oil shocks and the Russia-Ukraine war's effect on gas markets.
• His comments followed new Israeli attacks on Tehran and Iran's renewed strikes on Gulf neighbors, threatening power plants.
• Birol reported 40 energy assets in nine countries were severely damaged and discussed releasing stockpiled oil with governments.
• US President Donald Trump issued a 48-hour ultimatum for Iran to open the Strait of Hormuz, threatening to "obliterate" Iran's power plants if not met.