Speaking on France’s France Inter radio, he described it as “the biggest crisis in history,” as surging oil and gas prices combine with the lingering impacts of the Russia–Ukraine conflict. As a result, global energy markets are under unprecedented strain, exceeding the combined impact of the crises in 1973, 1979, and 2022.
The Middle East conflict has severely disrupted shipping through the Strait of Hormuz, a strategic maritime route that handles about 20% of global oil and liquefied natural gas flows. The congestion is increasing the risk of supply disruptions and driving energy prices higher worldwide. The crisis is unfolding while Europe has yet to fully recover from disruptions in gas supplies from Russia due to the Ukraine conflict, making markets even more vulnerable.
Amid rapidly rising oil prices, the IEA last month agreed to release a record 400 million barrels from strategic reserves to stabilize the market.
