Speaking in Australia on Monday, Birol said the crisis—triggered by Washington and its allies escalating war against Iran—now exceeds the combined impact of the 1973 and 1979 oil shocks and the gas shortages following Russia’s 2022 invasion of Ukraine.

“This crisis, as things stand, is now two oil crises and one gas crash put all together,” Birol said at the National Press Club of Australia in Canberra.

Birol said disruptions linked to the US war on Iran, including the effective closure of the Strait of Hormuz and attacks on energy infrastructure, have cut global oil supply by about 11 million barrels per day, more than double the shortages seen during the 1970s crises.

He added that liquefied natural gas supplies have dropped by about 140 billion cubic meters, far exceeding the 75 bcm shortfall recorded after the Ukraine war began.

At least 40 energy facilities across nine countries have been heavily damaged amid the conflict, highlighting the extent of the crisis, he said.

“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,” Birol said.

Meanwhile, Birol warned that global decision-makers had underestimated the scale of the crisis, prompting him to speak publicly for the first time last week.

The Paris-based IEA—after announcing plans to release 400 million barrels from emergency reserves—outlined measures for governments to curb consumption, including expanding remote work, encouraging carpooling and reducing highway speed limits.

“I thought the depth of the problem was not well appreciated by the decision-makers around the world,” Birol said.

Separately, Birol said consultations were ongoing about further releases of strategic reserves, but stressed that the “single most important solution” would be reopening the Strait of Hormuz, a key route for roughly one-fifth of global oil and LNG flows.

Oil prices have surged more than 50 percent since the conflict began on February 28, following US-Israeli strikes on Iran and Tehran’s subsequent pressure on the strategic waterway.

In response, US President Donald Trump issued a 48-hour ultimatum demanding Iran reopen the strait or face attacks on its power infrastructure, with the deadline set to expire Monday evening.

Meanwhile, Iran has warned it could fully close the waterway and target regional energy and water infrastructure if the United States proceeds with further aggression against its territory.