IEA Warns Over West Asia Tensions

Fatih Birol, head of the International Energy Agency, has warned that the world is facing an unprecedented energy crisis not seen in decades. His remarks come amid escalating tensions in West Asia, particularly linked to the Iran conflict. He stated that more than 40 energy facilities in the region have been damaged, raising serious concerns over global energy supply. The disruption could significantly impact international markets, leading to price volatility and shortages in oil and gas supplies.

Birol compared the current situation to past crises such as the 1973 Oil Crisis and the Russia-Ukraine War, noting that the present conditions could surpass them in severity. He cautioned that the global economy is already under pressure from inflation and slowing growth, and any further disruption could worsen the situation. Stressing the urgency, he called for immediate diplomatic efforts to stabilize the region and prevent a deeper economic crisis worldwide.