Middle East crisis live: IEA chief says Iran war energy crunch worse than 1970s oil crises and Ukraine war combined | US-Israel war on Iran

The International Energy Agency (IEA) chief, Fatih Birol, stated the global oil market is experiencing a crisis worse than the 1970s oil crises and the gas crisis sparked by Russia's invasion of Ukraine. The situation has resulted in the loss of 11 million barrels per day of oil, exceeding the combined losses from both major oil crises. Birol emphasized that this crisis will have lasting impacts on global economies. Iranian president Masoud Pezeshkian suggested threats and terror are strengthening Iranian unity. Meanwhile, US Treasury Secretary Scott Bessett stated the war against Iran is not mutually exclusive with de-escalation efforts. The situation has led to a surge in oil prices, impacting markets globally. The IEA is considering releasing more oil from strategic reserves if necessary, while Lebanon's health ministry reported significant casualties and injuries due to the ongoing conflict between Israel and Hezbollah.