Canberra, March 23 -- The global energy crisis triggered by the US-Israel war with Iran is "very severe" and could surpass the oil shocks of the 1970s, International Energy Agency (IEA) chief Fatih Birol warned on Monday, as tensions around the Strait of Hormuz continue to threaten global supply chains.
Speaking at the National Press Club in Canberra, Birol said the agency is closely monitoring market conditions and remains prepared to act in coordination with member countries if disruptions intensify. "If it is necessary, of course, we will do it. We will analyse the markets and consult with member countries," he said.
Earlier this month, IEA members agreed to release a record 400 million barrels of oil from strategic reserves to stabili...