Finance
War in Iran Is Causing Biggest Energy Crisis in History, Iea Says
Published by Global Banking & Finance Review®
Posted on April 21, 2026
2 min readLast updated: April 21, 2026
Add as preferred source on Google
IEA: Iran War Creates Most Severe Global Energy Crisis in History
Impact of the Iran Conflict on Global Energy Markets
PARIS, April 21 (Reuters) - The conflict between Iran and the United States and Israel is creating the worst energy crisis ever faced by the world, the head of the International Energy Agency (IEA) said on Tuesday.
IEA's Assessment of the Crisis
"This is indeed the biggest crisis in history," Birol told France Inter radio in an interview broadcast on Tuesday.
"The crisis is already huge, if you combine the effects of the petrol crisis and the gas crisis with Russia," he added.
Disruption of Global Energy Supply Routes
The war in the Middle East has choked up maritime traffic in the Strait of Hormuz, which is a conduit for a fifth of global oil and liquefied natural gas flows.
Compounding Effects of Multiple Conflicts
It has also come on top of the effects of Russia's war with Ukraine, which had already severed Russian gas supplies to Europe.
Comparison to Previous Energy Crises
Birol had said earlier this month that he viewed the current situation in global energy markets as worse than previous crises in 1973, 1979 and 2022 combined.
IEA's Response to Rising Oil Prices
In March, the IEA agreed to release a record 400 million barrels of oil from strategic stockpiles to combat rising oil prices caused by the U.S.-Israeli war with Iran.
(Reporting by Sudip Kar-Gupta; Editing by Raju Gopalakrishnan)
References
Frequently Asked Questions about War in Iran is causing biggest energy crisis in history, IEA says
1Who said the Iran war is causing the biggest energy crisis in history?
Fatih Birol, head of the International Energy Agency (IEA), made this statement.
2Which locations are affected by the maritime disruption mentioned?
Maritime traffic in the Strait of Hormuz has been significantly impacted.
3How has the war in Iran affected oil and gas flows?
The conflict has choked maritime traffic through the Strait of Hormuz, a key route for global oil and gas exports.
4What action did the IEA take in response to the crisis?
The IEA agreed to release 400 million barrels of oil from strategic stockpiles in March.
5How does this crisis compare to past energy crises?
According to Birol, the current crisis is worse than the crises in 1973, 1979, and 2022 combined.
