IEA: Current Oil Crisis Worse Than Past Crises Combined
The International Energy Agency (IEA) warns that the current oil and gas crisis due to the blockade of the strait of Hormuz is more severe than the crises of 1973, 1979, and 2022 combined. IEA head Fatih Birol states that the ongoing Middle East conflict significantly impacts the oil market as Donald Trump’s deadline for Iran approaches.
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