The world is facing its most severe energy crisis in decades following a fresh wave of Israeli airstrikes on Tehran this Monday.
The escalation has sent shockwaves through global markets, with Brent crude briefly touching the $100-per-barrel mark.
International Energy Agency (IEA) chief Fatih Birol has warned that the destruction of over 40 energy assets in the region has resulted in a loss of 11 million barrels of oil per day—a figure that surpasses the impact of the 1970s oil shocks.
As reported by The Guardian and AFP, the conflict has now entered a perilous phase involving direct threats to civilian infrastructure.
U.S. President Donald Trump has issued a stern 48-hour ultimatum to Tehran, threatening to "obliterate" Iranian power plants unless the strategic Strait of Hormuz is reopened for maritime traffic.
In response, Iranian officials have vowed that any attack on their soil will lead to the "irreversible destruction" of vital water and energy facilities across the Middle East.
The humanitarian and economic toll continues to mount as Israel expands its ground operations into Lebanon against Hezbollah.
With global supply chains throttled and diplomatic efforts at a standstill, world leaders are scrambling to mitigate an economic fallout that Birol suggests "no country will be immune to" if the current trajectory continues.
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