Fatih Birol: War on Iran Triggered the Largest Energy Crisis in History and Unprecedented Global Inflation

 IEA Executive Director Fatih Birol confirmed today, Tuesday, that the current military conflict against Iran has caused the largest energy crisis in history, warning of "dire consequences" for the global economy. Birol explained that the crisis has extended beyond oil and gas prices to affect fertilizers and essential commodities, predicting price instability for two years unless the Strait of Hormuz is reopened. This coincides with Brent crude hitting $94 per barrel, amid fears of rising unemployment and hampered growth in emerging and developing nations for 2026.