Birol: Current oil and gas crisis worse than the previous three combined

The current oil and gas crisis, triggered by the blockade of the Strait of Hormuz, is more severe than the crises of 1973, 1979, and 2002 combine, Fatih Birol, head of the International Energy Agency (IEA), said in an interview with the French newspaper Le Figaro, according to Report.

"The world has never faced energy supply disruptions of this magnitude," he said.

Birol noted that the crisis is affecting not only the economies of European countries, but also Japan, Australia, and others. Developing countries are at the greatest risk, suffering from rising oil and gas prices, higher food costs, and accelerating inflation.

"Last month, IEA member countries agreed to release part of their strategic reserves. Some of these releases have already taken place, and the process is ongoing," he added.

In response to strikes by Israel and the United States, Iran has effectively blocked traffic through the Strait of Hormuz, which regularly handles about 20% of the world"s oil and gas supply, leading to a sharp increase in energy prices.