World faces largest ever energy crisis on Iran conflict: Birol

Fatih Birol, head of the International Energy Agency

Fatih Birol, head of the International Energy Agency, warned that the world is currently facing the largest energy crisis in history, driven by severe disruptions resulting from the ongoing military conflict with Iran.

Speaking at a press conference in Paris, Birol said oil and gas markets are experiencing major difficulties, with oil prices surpassing $120 per barrel. This creates strong inflationary and economic pressure on most countries, particularly developing economies already struggling with debt crises.

He stressed that the situation represents “the greatest challenge to global energy security” ever faced, exceeding in severity the shocks of the 1970s and 1980s, according to Reuters.

The warning comes as Brent crude surged to its highest level in four years today, April 30, amid growing fears of an expanded conflict in Iran.