IEA chief reaffirms world facing biggest energy crisis in history

The International Energy Agency warned that the world is facing its biggest energy crisis in history, driven by disruptions from the Iran conflict, with oil prices surging above $120 per barrel. Officials said the situation is placing severe pressure on global economies as energy markets grapple with major instability.

April 30, 2026

Sudip Kar-Gupta/Reuters

IEA chief reaffirms world facing biggest energy crisis in history

FILE PHOTO: International Energy Agency Executive Director Dr Fatih Birol speaks during a press conference on developments in global energy markets, in Brussels, Belgium March 6, 2026.

Yves Herman/Reuters

The world is facing its biggest energy crisis in history due to disruption caused by the conflict with Iran, reaffirmed International Energy Agency head Fatih Birol on Thursday.

"The oil markets and gas markets are going through big difficulties. When I looked last time, the oil price was over $120 which is putting a lot of pressure on many countries," said Birol, at a conference in Paris.

"Our world is facing a major economic and energy challenge," he added.

Brent crude prices jumped to a four-year high on Thursday on concerns that the Iran war could worsen O/R.

-Sudip Kar-Gupta/Reuters

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