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International Energy Agency: The US, Israel, and Iran conflict is causing the most severe global energy crisis in history
International Energy Agency Director Fatih Birol stated on the 21st that the U.S.-Israel-Iran conflict is causing the world’s most severe energy crisis in history. Birol said that this energy crisis, combined with the fuel and natural gas supply issues caused by the Ukraine crisis, has had a huge impact. About 20% of the world’s crude oil and liquefied natural gas are transported through the Strait of Hormuz. After the outbreak of the U.S.-Israel-Iran conflict, maritime shipping through the strait was disrupted, triggering turbulence in the energy markets. On March 11, the International Energy Agency announced that 32 member countries unanimously agreed to release 400 million barrels of strategic oil reserves to address the global oil supply tightness caused by the conflict. This is the largest coordinated release of oil reserves by the International Energy Agency to date. (CCTV News)