The Iran oil crisis is the worst energy shock ever recorded. World leaders aren't ready, says IEA chief.

The article focuses on the escalating global energy crisis caused by the ongoing Iran war, as highlighted by Fatih Birol, executive director of the International Energy Agency (IEA). Birol warns that the current energy shock surpasses the combined impact of the 1970s oil crises and the 2022 energy disruptions following Russia's invasion of Ukraine, with daily oil losses exceeding 11 million barrels and significant reductions in gas supplies. The conflict has also disrupted critical supply chains for petrochemicals, fertilizers, and other essential materials, potentially driving up food prices worldwide. Despite temporary diplomatic efforts, damaged energy infrastructure across nine countries suggests that oil prices may remain elevated for an extended period. [Extracted from the article]