Iran war energy crisis equal to 70s twin oil shocks and Ukraine invasion fallout, says IEA chief | First Thing
The head of the International Energy Agency (IEA) stated that a war in Iran and the closure of the Strait of Hormuz would create an energy crisis equivalent to the combined impact of the 1970s oil shocks and the Ukraine invasion fallout.
The story so far
- Mar 10
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- Mar 13
- Mar 23
How outlets cover it
5 outletsNot rated on the left–right scale. It describes Western party politics and doesn’t fit state media or outlets outside that system, so we show ownership and country instead.
Open questions and key claims
IEA member governments will assess market conditions to inform a decision on emergency stocks.
IEA member countries currently hold over 1.2 billion barrels of public emergency oil stocks.
Once you release them, they don't exist.
Japan would “act first” to release about 80m barrels from its private and national oil reserves from 18 March.
Iranian leaders have warned countries that they will not allow “one litre of oil” to pass the Hormuz Strait if attacks continue.
Trump threatened to “obliterate” Iran’s power plants if it did not end its partial blockade of the Strait of Hormuz within 48 hours.
Iran's military command said it would strike Israel’s power plants, energy, ICT infrastructure, and power plants in countries hosting US bases.
US President Donald Trump warned he would 'obliterate' Iranian power plants if Iran did not open the Strait of Hormuz.
Who and where
Related stories over time
same people and places- Mar 1 – Mar 5 earlierWill the US benefit from the oil crisis sparked by the war on Iran?7 articles · 3 outlets
- Mar 3 – Mar 5 earlierTimelapse shows change in the flow of ships in the Strait of Hormuz3 articles · 2 outlets
- Mar 10 – Mar 23◆ This story
- Mar 18 – Mar 19 at the same timeChina offers to help Southeast Asia counter impact of Middle East war on energy supplies3 articles · 2 outlets
- Apr 16 – May 3 laterUK airlines given green light to cancel or consolidate flights to conserve jet fuel8 articles · 4 outlets
- May 12 – May 14 laterJapanese snacks go black-and-white: Why Iran war is driving up ink prices4 articles · 4 outlets
- Jul 26 – Jul 28 laterTrump says ‘good chance’ of progress in Iran talks. What we know8 articles · 4 outlets