Paris: The current energy crisis, triggered by the blockade of the Strait of Hormuz, has surpassed the severity of the crises of 1973, 1979, and 2002 combined, according to Fatih Birol, director of the International Energy Agency (IEA). Birol shared this assessment in an interview with the French newspaper Le Figaro on Tuesday.

According to Thai News Agency, Birol highlighted that this disruption is unprecedented in its scale, affecting energy supplies worldwide. He noted that European countries, Japan, Australia, and others are facing significant impacts. However, developing nations are the most vulnerable as they grapple with skyrocketing prices for oil, gas, and food, alongside accelerating global inflation.

Birol also disclosed that IEA member countries have been releasing strategic oil reserves since last month to help alleviate the crisis. This ongoing effort aims to soften the blow of the current situation.

The energy market volatility began when Iran closed nearly all shipping lanes in the Strait of Hormuz in retaliation to attacks by Israel and the United States. This strategic waterway typically facilitates the transport of about 20 percent of the world's oil and natural gas. The closure has led to a rapid surge in global energy prices amid fears of long-term shortages in crude oil and natural gas supplies.