International Chamber of Commerce (ICC) Secretary-General John Denton has warned that the world is heading toward the most severe industrial crisis in recent memory, driven by the ongoing United States-Israel war in Iran. Speaking on Wednesday in Yaoundé, Cameroon, Denton said the current energy crisis is far more serious than the oil shock of the 1970s, with global industries facing unprecedented disruption.

According to Denton, the crisis extends beyond soaring energy prices. Severe shortages of gas and other essential raw materials are crippling and displacing industrial production worldwide. The blockade in the Strait of Hormuz has halted the supply of fertilizers and agricultural inputs, threatening to drastically reduce crop yields in the next harvest season and endangering global food security.

Denton emphasized that the global trade environment is being redefined by conflict and geopolitical tensions. He called for a strong and effective multilateral trade system to help overcome the crisis.