US-Israel War on Iran Creates Biggest Energy Crisis in History

Tuesday, April 21, 2026

The conflict between Iran and the United States and Israel is creating the worst energy crisis ever faced by the world, the head of the International Energy Agency (IEA) said on Tuesday.

"This is indeed the biggest crisis in history," Birol told France Inter radio in an interview broadcast on Tuesday.

"The crisis is already huge, if you combine the effects of the petrol crisis and the gas crisis with Russia," he added.

The war in the Middle East has choked up maritime traffic in the Strait of Hormuz, which is a conduit for a fifth of global oil and liquefied natural gas flows.

It has also come on top of the effects of Russia's war with Ukraine, which had already severed Russian gas supplies to Europe.

Birol had said earlier this month that he viewed the current situation in global energy markets as worse than previous crises in 1973, 1979 and 2022 combined.

In March, the IEA agreed to release a record 400 million barrels of oil from strategic stockpiles to combat rising oil prices caused by the U.S.-Israeli war with Iran.


(Reuters - Reporting by Sudip Kar-Gupta; Editing by Raju Gopalakrishnan)

Categories: Offshore Industry News Activity Europe Asia North America Oil and Gas Energy Crisis Middle East

Related Stories

Taihan Takes Delivery of Second Cable Laying Vessel

James Fisher, Aquaterra Launch Global Decommissioning Partnership

Oil Surges 3% on Renewed US-Iran Strikes

Current News

Oceaneering Integrity Management and Digital Solutions Wins Five-Year Contract in Qatar

Velesto Frees Up Drilling Rig After Early Contract Termination off Indonesia

OneSubsea Gets Two Production Boosting Jobs for Vår Energi

All Production Wells Come Back Onstream at Karoon Energy’s Baúna Field

Subscribe for OE Digital E‑News