‘The biggest energy security threat in history’: IEA chief warns 13 million barrels a day are gone with no cure in sight

Even as the U.S. and Iran hold a fragile ceasefire, the global energy crisis shows no sign of easing.

In an interview with CNBC Thursday, Fatih Birol, the executive director of the International Energy Agency, called the ongoing energy crisis an unprecedented inflection point for the global economy.

“We are facing the biggest energy security threat in history,” he said.

The energy shock reverberating from the war in Iran has hamstrung the global economy. That’s obvious to anyone at the pump, as gas prices hover around $4 a gallon, according to AAA, and  it’s growing apparent to those planning summer vacation. Lufthansa just slashed 20,000 flights, and others like United Airlines are raising flight prices by up to 20% as jet fuel shortages place heightened pressure on airlines.

While a fragile ceasefire holds, which President Donald Trump extended indefinitely on Tuesday, the double blockade in the Strait of Hormuz, where neither Iran nor the U.S. is allowing ships to pass through the strait, has kept oil prices elevated. Iran fired on three ships in the Strait of Hormuz on Wednesday. Moreover, the Pentagon told........

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