International Energy Agency (IEA) Executive Director Fatih Birol warned that the ongoing Middle East war could unleash an energy crisis more severe than the oil shocks of the 1970s and comparable to the early effects of Russia’s 2022 invasion of Ukraine. Speaking at a press conference in Canberra, Birol said the world is currently losing about 11 million barrels of oil per day, exceeding the combined losses of the two major oil crises of the 1970s.

He cautioned that no country would be spared from the energy fallout, as oil and liquefied natural gas shipments through the Strait of Hormuz have been blocked due to Iran’s obstruction. Meanwhile, U.S. President Donald Trump stated on his social media platform that the United States is considering winding down its military operations while aiming to neutralize Iran’s missile capabilities and destroy its defense industry base.

U.S. Defense Secretary Pete Hegseth reaffirmed that since the first strike on Iran on February 28, Washington’s objectives remain to dismantle Iran’s missile launchers, naval forces, and defense infrastructure, and to prevent it from acquiring nuclear weapons.