International Energy Agency chief Fatih Birol warned the Iran conflict poses the "greatest global energy security threat in history," with 20% of global oil and gas supplies stranded in the region. More crude has been disrupted than during 1970s oil shocks, and twice as much gas is offline than Europe's 2022 cuts from Russia.

Birol stressed politicians and markets underestimate the crisis severity, noting "vital arteries have come to a halt" affecting fertilizers, petrochemicals, and manufacturing. Despite releasing 400mn barrels from strategic reserves, he emphasized the single most critical action is restoring shipping through the Strait of Hormuz, where benchmark Brent crude now exceeds $110 a barrel.

The IEA head urged Europe against renewed Russian gas dependence, calling it economically nonsensical. Birol predicted the energy crisis will trigger worldwide policy changes including renewed renewable investment, nuclear expansion, and electric vehicle adoption, mirroring responses to 1970s oil shocks that doubled nuclear capacity and halved car fuel consumption.