Jamaine Punzalan

Article (news)

Agence France-Presse

<div><span class="fr-img-caption fr-fic fr-dib" style="width:960px;display:block" width="960"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/17742321759901774232173215.jpeg" style="width:960px;display:block;height:auto" class="fr-fic fr-dib" width="960"/><span class="fr-inner" style="text-align:left">This handout satellite image taken by 2026 Planet Labs PBC on March 2, 2026 shows smoke billowing from a vessel following an explosion from the port of Bandar Abbas along the strait of Hormuz. The United States and Israel launched strikes against Iran on February 28, killing Iran&#x27;s supreme leader and top military leaders, prompting authorities to retaliate with strikes on Israel and US bases across the Gulf. 2026 Planet Labs PBC/AFP/File </span></span></span></div><div><br/></div><p>The global economy is under &quot;major threat&quot; from the energy crisis caused by the Middle East war and &quot;no country will be immune&quot; to its effects, International Energy Agency chief Fatih Birol said Monday.</p><p>Speaking at the National Press Club in Australia&#x27;s capital, Birol compared the current energy crisis to those of the 1970s and the impact of Russia&#x27;s 2022 invasion of Ukraine.</p><p>&quot;This crisis as things stand is now two oil crises and one gas crash put all together,&quot; Birol said.</p><p>&quot;The global economy is facing a major, major threat today, and I very much hope that this issue will be resolved as soon as possible.</p><p>&quot;No country will be immune to the effects of this crisis if it continues to go in this direction. So there is a need for global efforts.&quot;</p><p>US President Donald Trump and Tehran have issued tit-for-tat threats as the war entered its fourth week, with the US president demanding the Islamic republic reopen the blocked Strait of Hormuz, through which around 20 percent of the world&#x27;s oil and gas shipments transit.</p><p>The bottleneck has nearly halted all petroleum shipments through the narrow waterway.</p><p>Oil prices rose again early Monday, with US benchmark crude briefly touching the $100-per-barrel mark.</p><p>Birol told Australian media that at least forty energy assets across the region had been &quot;severely or very severely damaged&quot; in the conflict.</p><div><iframe width="726" height="408" src="https://www.youtube.com/embed/LJ8JN3t874g" title="Price of gasoline to breach P100/L, diesel to go up to P130/lL in next week&#x27;s oil price hike | ANC" frameBorder="0" allowfullscreen=""></iframe><iframe width="725" height="408" src="https://www.youtube.com/embed/9Agx1Hrf2aA" title="Philippines eyes Russian oil imports to ensure supply | ABS-CBN News" frameBorder="0" allowfullscreen=""></iframe></div>

<p>The global economy is under "major threat" from the energy crisis caused by the war in the Middle East, International Energy Agency chief Fatih Birol said Monday, warning that "no country will be immune" to its effects.</p>

The global economy is under "major threat" from the energy crisis caused by the war in the Middle East, International Energy Agency chief Fatih Birol said Monday, warning that "no country will be immune" to its effects.

Global economy under 'major threat' from Strait of Hormuz crisis: IEA chief

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Global economy under 'major threat' from Strait of Hormuz crisis: IEA chief

Agence France-Presse

Published Mar 23, 2026 10:17 AM PHT

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Updated Mar 23, 2026 10:51 AM PHT

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