Global energy shock deepens as Iran war eclipses past crises, says IEA chief

The IEA’s Fatih Birol warned that the US–Israel war on Iran has sparked an energy crisis larger than the 1970s oil shocks and the post‑Ukraine gas crisis, with about 11 million barrels per day of oil lost and roughly 140 BCM of gas, threatening petrochemicals and fertilisers. Oil prices rose above $100 a barrel as markets reeled and discussions of further stockpile releases emerged, even as diplomats push to reopen the Strait of Hormuz and renew talks on Iran’s nuclear program; the conflict triggered broad market volatility and policy responses from Asia to the Pacific, including fuel-standard tweaks in New Zealand and energy deals in Vietnam with Russia.