Fortune
The Iran oil crisis is the worst energy shock ever recorded. World leaders aren’t ready, says IEA chief
Global energy markets are facing an unprecedented shock tied to Iranian oil supply disruptions, with the IEA's executive director Fatih Birol issuing his starkest warning yet after weeks of silence. Birol's intervention signals that world leaders have badly underestimated the severity of the crisis and lack coordinated plans to respond. The warning puts pressure on major economies to act quickly before supply shortfalls translate into broader economic damage.
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