Iran War Sparks Worst Energy Shock Since 1970s Oil Crises

• The ongoing crisis in West Iran has triggered the most severe disruption in global energy markets in modern history, surpassing the 1970s oil crises and the Russia-Ukraine war fallout.
• IEA head Fatih Birol warned that the crisis, driven by US and Israeli strikes on Iran and the Strait of Hormuz shutdown, creates an unprecedented supply shock.
• The Strait of Hormuz blockade removes approximately 11 million barrels of oil per day, exceeding supply losses from both 1970s oil shocks combined.
• The IEA coordinated an initial release of emergency oil stocks and is considering further releases, but emphasizes this is not a long-term solution.
• The crisis also threatens essential industrial inputs like petrochemicals, fertilizers, sulfur, and helium, with no country immune to its effects.