IEA Chief: Gulf Energy Crisis is More Severe Than 1970s Oil Shocks
Benchmark Brent and WTI oil futures eased on Monday in response to the White House's claims of new peace talks with Iran, but the near-term energy outlook remains challenging, according to some of the world's leading authorities. IEA chief Fatih Birol told a press conference in Australia on Monday that the Strait of Hormuz shutdown is the equivalent of both 1970s oil shocks and the Ukraine-Russia natural gas shock of 2022, all rolled into one. "This crisis, as things stand,...
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