Hormuz blockade triggers oil crisis surpassing 1970s shocks, IEA warns

The ongoing blockade of the Strait of Hormuz has unleashed an energy crisis described as worse than the combined oil shocks of 1973, 1979, and 2022, reports indicate (IEA). Fatih Birol, the agency’s executive director, stated that the conflict's ripple effects on global oil markets have been unparalleled, as tensions between the United States and Iran escalate further. Brent crude surged to $111 per barrel before slipping back to $109, while U.S. light crude hit $115 before moderating to $112. M