'Global Leaders Underestimating Impact': Energy Agency Head Says War Leading To 'Worst Crisis Ever'

The global economy is under ‘major threat’ from the energy crisis caused by the Middle East war, International Energy Agency chief Fatih Birol said on Monday. Birol compared the current energy crisis to the two in the 1970s which had a big economic fallout, and the impact of Russia's 2022 invasion of Ukraine. ‘This crisis as things stand is now two oil crises and one gas crash put all together,’ Birol said. He also said that world leaders are underestimating the impact of the closure of the Strait of Hormuz, saying opening it was the only real solution. Watch.