Middle East conflict triggers global energy shock worse than
The International Energy Agency (IEA) has warned that a combination of oil and gas crises driven by ongoing conflicts in Ukraine and Israel threatens to cause an unprecedented worldwide shortage where no nation will be immune if current trends continue unaddressed on March 23, according to AFP reports from Tehran via Washington.
Key Points
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1The head of the IEA has warned that a prolonged Middle East conflict could trigger an unprecedented global crisis combining oil and gas shortages.
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2This potential energy shock is described as worse than both historical combined crises from the 1970s, which caused recession-inducing effects worldwide.
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3Current strikes involving Israel on Iran are cited by international agencies like AFP teams in Tehran and Washington as a catalyst for this escalation.
Developments
The head of the International Energy Agency warns that a prolonged conflict in the region could trigger an energy crisis worse than both 1970s oil shocks combined, noting at least 40 assets have been damaged. President Trump has threatened to "obliterate" Iranian power plants if Iran does not reopen the Strait of Hormuz within two days while Tehran retaliates by throttling traffic in this vital waterway and targeting US embassies across the Gulf.