IEA head Fatih Birol confirmed that the world is confronting its most severe energy crisis ever, citing the conflict with Iran as the main driver. The surge in Brent crude to over $120 a barrel underscores the pressure on global markets and the urgency for policy action.
The statement came amid growing concerns that tensions in the Middle East could further disrupt oil and gas supplies, prompting a sharp rally in energy prices.
Brent crude rose to a four‑year high, trading above $120 a barrel, a level that has not been seen since 2020. Birol noted that oil and gas markets were facing significant difficulties, citing the oil price, which had risen above $120, as a source of pressure on many countries. He further emphasized that the world was confronting a major economic and energy challenge.
Reporting by Sudip Kar-Gupta
