The military conflict in the Middle East has 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, according to the executive director of the Paris-headquartered International Energy Agency, Mr Fatih Birol.
"No country will be immune to the effects of this crisis if it continues to go in this direction," Mr Birol said at Australia's National Press Club in Canberra, reported the news agency Associated Press.
Separately, TotalEnergies CEO Patrick Pouyanne said that a disruption to global energy supplies from the US-Israeli war on Iran lasting beyond 3-4 months would pose a systemic risk to the global economy, reported Reuters.
The disruption to global fuel supplies is worse than the disruption to crude oil supplies because it has been exacerbated by a Chinese export ban on products like diesel, gasoline and jet fuel, he said at an energy conference in Houston. China banned exports to ensure sufficient domestic fuel supplies during the crisis.