Global Energy Crisis: A Crisis Greater Than 1973, 1979, and 2022 Combined

The global energy landscape is facing an unprecedented crisis, with the blockade of the Strait of Hormuz triggering what experts deem a more severe event than previous historical crises in 1973, 1979, and 2022 combined.

Fatih Birol, head of the International Energy Agency (IEA), expressed his concern in an interview with Le Figaro, emphasizing that the world has never encountered such a massive disruption in energy supply. He highlighted the plight of developing countries, which are set to suffer the most from heightened oil and gas prices, subsequently raising inflation and food costs.

In response to this crisis, IEA member countries have agreed to deploy portions of their strategic reserves, a process already underway. The crisis was exacerbated by recent military actions involving Israel, the U.S., and Iran, with the latter nearly halting traffic through the Strait of Hormuz, a critical chokepoint for 20% of the world's oil and gas supply.