00:00The conflict involving Iran, the U.S. and Israel is now fueling what the International Energy Agency describes as the
00:07largest energy crisis in history.
00:09The agency's chief, Fateh Birol, warns that the crisis is already global, driven by disruptions to oil and gas supplies
00:17and compounded by the ongoing fallout from Russia.
00:23Birol earlier said it could take up to two years to recover energy output lost in the Middle East due
00:28to the conflict.
00:30The IEA, International Monetary Fund and World Bank also urged countries to avoid hoarding supplies or imposing export controls that
00:38could worsen the situation.
00:40Tensions in the Middle East have severely disrupted shipping through the Strait of Hormuz, which handles nearly one-fifth of
00:47the world's oil and LNG flows.
00:49The disruption has deepened existing strains caused by the Russia-Ukraine war, which has already cut key gas supplies to
00:56Europe and shaken energy security.
00:59In response, the IEA has agreed to release a record 400 million barrels of oil from strategic stockpiles to ease
01:07prices.
01:10The 159 years'supportment ship has brought many assumers and areplus-built and ag yr.
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