WELLINGTON, New Zealand (AP) — The head of the International Energy Agency said Monday that the global economy faces a “major, major threat” because of the Iran war. The ​crisis in ​the Middle ⁠East, he said, has had a worse impact on oil than the two oil shocks of the 1970s combined, and a worse effect on gas than the Russia-Ukraine war. That prompted Iran to say it would respond to any such strike with attacks on U.S. and Israeli energy and infrastructure assets. Trump is facing increasing pressure at home to secure the strait as oil prices soar. He said the International Energy Agency, “in order to comfort the markets,” earlier released 400 million barrels of oil, “which is historic.

Source: International New York Times March 23, 2026 06:48 UTC