The head of the International Energy Agency said Monday that the global economy faces a “major, major threat” because of the Iran war. “No country will be immune to the effects of this crisis if it continues to go in this direction,” Fatih Birol said at Australia’s National Press Club in Canberra on Monday. The crisis in the Middle ⁠East, he said, has had a worse impact on oil than the two oil shocks of the 1970s combined, and a worse effect on gas than the Russia-Ukraine war. Israel launched a new wave of attacks early Monday against Tehran. U.S. President Donald Trump also warned the United States will “obliterate” Iran’s power plants if Tehran doesn’t fully open the Strait of Hormuz within 48 hours. That prompted Iran to say it would respond to any such strike with attacks on U.S. and Israeli energy and infrastructure assets.

Full report : International Energy Agency head says global economy faces ‘major, major threat’ from Iran war.