Gate News message, April 21 — International Energy Agency Director Fatih Birol stated that the US-Israel-Iran conflict is driving the world toward the most severe energy crisis in history. Birol noted that this crisis compounds the fuel and natural gas supply disruptions caused by the Ukraine crisis, creating massive global impact.
Approximately 20% of global crude oil and liquefied natural gas transits through the Strait of Hormuz. Following the outbreak of conflict, shipping through the strait has been disrupted, triggering energy market volatility.
On March 11, the IEA announced that all 32 member states unanimously agreed to release 400 million barrels of strategic petroleum reserves to address the global oil supply tightness caused by the conflict. This represents the largest coordinated oil reserve release in IEA history.
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