Canberra, 23 March (H.S.):

International Energy Agency executive director Fatih Birol said Monday the West Asia military conflict has choked global energy supply, with Strait of Hormuz shipping nearly halted. He likened it to the 1970s double oil crises and 2022 gas crunch.

Speaking at Australia's National Press Club, Birol warned over 40 energy assets in nine West Asian countries suffered severe or very severe damage from war. Restarting oil wells refineries and pipelines will take time.

Al Jazeera and Turkey's Anadolu Agency quoted Birol saying supply chain snags could linger post-war. The three-week fight disrupted the entire energy chain and nearly stopped Hormuz shipping.

This crisis trumps the 1973-79 oil shocks combined with Russia's 2022 Ukraine gas cutoff. Hormuz effectively shut since early March slashed global oil by 11 million barrels daily – double the 1970s total. LNG supply dropped 140 billion cubic meters versus 75 billion post-Ukraine war.

US-Israel strikes versus Iran wrecked at least 40 plants across nine countries; Asia hit hardest due to regional reliance.

Birol voiced regret the crisis severity wasn't grasped sooner, explaining his first public remarks last week. The global economy faces huge danger but he hopes for quick resolution.

IEA last Friday announced releasing 400 million barrels from emergency reserves plus demand-cut measures like remote work carpooling and highway speed caps. Policymakers haven't fully grasped the gravity.

Hormuz closure hiked shipping costs and spiked global oil prices. Reopening it is crucial for energy flows. Normally 20 million barrels and one-fifth of world oil-LNG pass daily.

US-Israel attacks on Iran began February 28 killing Supreme Leader Ali Khamenei and hundreds. Iran hit back with drones missiles targeting Israel Jordan Iraq and Gulf states hosting US bases.

President Donald Trump gave Iran a 48-hour ultimatum Saturday to reopen the strait or face power plant destruction. Deadline ends Monday evening. Iran threatened total closure if attacked – currently only non-US-Israel ships squeeze through.

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Hindusthan Samachar / Jun Sarkar