Iran War/ IEA: Oil and gas crisis now worse than 1973, 1979 and 2022 combined

The head of the International Energy Agency has stated that the oil and gas crisis caused by the blockade of the Strait of Hormuz is worse than that of 1973, 1979 and 2022 combined.

Fatih Birol, the IEA's executive director, said the impact of the Middle East conflict on the oil market was greater than the consequences of Russia's invasion of Ukraine.

Birol also said that the countries most at risk were developing countries, which would suffer from higher oil and gas prices, higher food prices and a general acceleration in inflation, while European countries, Japan and Australia would also feel an impact.

Oil traded at more than $110 (£83) a barrel on Tuesday after Trump warned that an entire civilization "will die tonight" if Iran does not make a deal. /CNA

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