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Posted April 24, 2026 at 10:00 am
The world is facing its worst-ever energy security crisis, according to Fatih Birol, the head of the International Energy Agency (IEA), who warned on Friday that disruptions linked to the closure of the Strait of Hormuz now exceed the scale of the 1970s oil shocks.
“We are indeed facing the biggest energy security threat in history,” Birol told CNBC at the CONVERGE LIVE event in Singapore, saying the world has lost 13 million barrels per day of oil supply — above the 10 million barrels per day disrupted across the 1973 and 1979 oil crises combined.
“The crisis is getting worse every day,” Birol added.
The comments underscore growing fears that the Hormuz disruption is evolving from a geopolitical flashpoint into a broader macroeconomic risk, with implications for inflation, growth and supply chains.
Meanwhile, President Donald Trump on Thursday ordered the U.S. military to “shoot and kill” any Iranian boats laying mines in the strait.
Beyond oil and gas, Birol pointed to disruptions in fertilizers, petrochemicals, helium and sulfur, warning the fallout could intensify in the coming weeks and months.
The International Energy Agency has attempted to blunt the impact by releasing 400 million barrels from emergency stockpiles, a move Birol said initially knocked oil prices down. But he cautioned that the measure is only “reducing the pain,” not solving the problem.
Birol also warned Europe could face acute pressure in refined fuels, particularly jet fuel, as disruptions ripple beyond crude markets. “If we are not able to get, in Europe, additional imports … we will be in difficulties,” he told CNBC, adding policymakers “may well need to take some measures in Europe to reduce air travel as well” if shortages worsen.
“The single most important solution to the problem is fully opening up the Strait of Hormuz,” Birol said, while also pointing to demand restraint measures such as teleworking, increased public transport and lower speed limits as short-term responses governments can deploy.
At 6.12 a.m. EST, benchmark Brent crude futures were up 2% and hovering around $107 per barrel, while WTI crude futures 1.79% to $97.60.
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Originally Posted April 24, 2026 – IEA Chief Warns Of ‘Biggest Energy Security Threat In History’ As Hormuz Crisis Deepens: ‘Getting Worse Every Day’
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