IEA head warns of historic global energy crisis

On April 21, 2026, the head of the International Energy Agency (IEA), Fatih Birol, stated that the world is facing the most severe energy crisis in history. This situation is attributed to the conflict involving the United States, Israel, and Iran, compounded by ongoing energy supply issues related to Russia. Shipping through the Strait of Hormuz, which accounts for one-fifth of global oil and liquefied natural gas (LNG) transit, has been nearly suspended due to the conflict in the Middle East. These developments follow the European Union's previous decision to halt imports of Russian natural gas due to the Russia-Ukraine war. Birol noted that current market conditions are more critical than those experienced in 1973, 1979, and 2022. Earlier in April, he warned of a difficult month ahead, characterizing it as a black April. To mitigate rising prices, the IEA agreed in March to release a record 400 million barrels of oil from strategic reserves.