The International Energy Agency (IEA) warns the world could face its worst energy crisis in decades. Fatih Birol, IEA chief, said conflicts in the Middle East, particularly around the Strait of Hormuz, have disrupted oil and gas shipments, raising prices sharply.
Damaged infrastructure and blocked exports threaten long-term supply. IEA countries released 400 million barrels from strategic reserves, but this is temporary.
Oil prices near $100 per barrel, and markets are volatile. Birol urged global cooperation to restore trade and stabilize energy security.