The IEA reported 40+ energy assets severely damaged across nine Middle Eastern countries since the Iran war began, with global LNG supply down ~20% since February 28. IEA chief Fatih Birol called the disruption equal to the 1970s oil crises and 2022 gas crisis combined — the largest supply shock in oil market history — urging reopening of the Strait of Hormuz as Asia faces the steepest impact.
