23.03.2026 08:11
As the energy lines and global supply chain are shaken by the US-Israel-Iran war, International Energy Agency (IEA) President Fatih Birol emphasized that the current crisis poses a deep threat to the global economy beyond oil and natural gas, and that no country can escape these effects.
As the war that started on February 28 between the USA, Israel, and Iran enters its 24th day, the military tension in the region is severely reflecting on energy markets. While mutual attacks and threats to energy lines shake the global supply chain, warnings are coming in succession from international institutions.
Fatih Birol, the President of the International Energy Agency (IEA), stated that the war poses a serious threat to the global economy. Speaking at the National Press Club in Canberra, Australia, Birol emphasized that the current crisis is comparable to past major energy crises.
"THE CRISIS IS A COMBINATION OF MULTIPLE ENERGY SHOCKS"
Birol compared the ongoing developments to the oil crises of the 1970s and the energy issues that arose after Russia's invasion of Ukraine in 2022. He pointed out that the current situation is much broader and more complex.
Noting that not only oil and natural gas but also critical areas such as petrochemicals, fertilizers, sulfur, and helium are affected by this process, Birol stated that there have been serious disruptions in global trade. Birol said, "This crisis is a combination of two oil crises and one natural gas crisis."
"NO COUNTRY CAN ESCAPE THE IMPACTS"
Emphasizing that disruptions in energy supply will have profound effects on the global economy, Birol expressed that the current situation carries a risk that encompasses all countries. He stated that if the crisis continues in this way, no country will be able to escape the impacts. Highlighting the importance of international cooperation, Birol said that joint steps need to be taken globally to solve the problem.