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00:03The International Energy Agency warned Friday that the world is facing its largest energy
00:07security crisis as disruptions tied to the closure of the Strait of Hormuz cut 13 million
00:13barrels per day of oil supply. IEA head Fatih Birol told CNBC at the Converge Live event in
00:20Singapore that the disruption exceeds the combined impact of the 1973 and 1979 oil shocks and is
00:26worsening daily. Birol said the crisis is worsening daily as the Strait of Hormuz disruption shifts
00:32from a geopolitical flashpoint into a broader macroeconomic risk affecting inflation,
00:38growth and supply chains. President Trump ordered U.S. forces to target Iranian boats laying mines
00:44in the strait. The agency released 400 million barrels from emergency stockpiles to reduce
00:49pressure on prices, though Birol said it does not resolve the crisis. He warned of broader disruptions
00:54across fertilizers, petrochemicals, helium and sulfur, and said Europe may face jet fuel shortages that
01:00could require limits on air travel. For all things money, visit Benzinga.com.
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