Global economy under 'major threat' from Strait of Hormuz crisis: IEA chief

The global economy is under "major threat" from the energy crisis caused by the Middle East war and "no country will be immune" to its effects, International Energy Agency chief Fatih Birol said Monday. Speaking at the National Press Club in Australia's capital, he compared the current energy crisis to those of the 1970s.

"This crisis as things stand is now two oil crises and one gas crash put all together," he said. "The global economy is facing a major threat today, and he hope that this issue will be resolved as soon as possible.