Middle East crisis live: IEA chief says Iran war energy crunch worse than 1970s oil crises and Ukraine war combined | US-Israel war on Iran
important events
The government has said New Zealand will temporarily allow fuel that meets Australian standards to be supplied domestically for up to 12 months. On Monday, it seeks to ease supply risks tied to conflict in the Middle East and rising prices.
deputy minister of energy Shane Jones He said harmonizing fuel standards would give importers access to more options and reduce the risk of disruption.
“This is a logical and time-limited step that gives importers access to a wider range of fuel shipments, including those already in our region,” Jones said in a statement quoted by Reuters.
Asian stocks fall
AFP reported that stocks fell and oil prices rose after Donald Trump and Iranian leaders exchanged threats over the Strait of Hormuz and Israel said the Middle East war could last for several more weeks.
The increase had a negative impact on stock markets; Seoul and Tokyo, which had been standout performers before the war began, bore the brunt of the sales, losing as much as six and five percent respectively at one point.
Hong Kong lost more than 3%, while Shanghai, Taipei and Manila also lost more than 2%. Sydney, Singapore and Wellington were also in negative territory.
South Korea’s won fell to 1,510 won per dollar, its weakest level since 2009.
Oil prices rose; Brent remains around $112 and West Texas Intermediate remains just below $100.
Opening summary
Hello, welcome to our live coverage of the US-Israeli war against Iran, the broader regional conflict, and its impact on the world economy.
Fatih Birol, head of the International Energy Agency, said the public must understand the “depth of the problem” the world is facing because of the war against Iran.
Birol told Australia’s national press club on Friday that the situation was now “very serious”, more serious than the two oil crises of 1973 and 1979 and more serious than the gas crisis caused by Russia’s invasion of Ukraine.
“At that time every [oil] Following the crisis, the world lost approximately 5 million barrels per day; both together 10 million barrels per day. We all know that there were major economic problems in the world afterwards. And today we lost 11 million barrels; that is, when more than two major oil shocks come together,” he said.
“Also, after the Russian invasion of Ukraine, we lost about 75 billion consumer meters (BCM) in the gas markets – mainly in Europe. And as of now, we have lost about 140 billion cubic meters (BCM) as a result of this crisis, that is, almost double. So, if we want to put it in context, this crisis in its current form is two oil crises and a gas collapse combined.”
Birol added that the crisis had serious effects on “other vital arteries of the global economy”, especially petrochemicals and fertilizers, and that this would have permanent effects.
In other developments:
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Iranian president Massoud Pezeshkian says “threats and terror” strengthen Iranian unityFollowing Donald Trump’s warning yesterday that he would “destroy” power plants in Iran if the Strait of Hormuz is not opened within 48 hours.
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The price of oil rose early Monday after Trump issued a 48-hour ultimatum for Iran to open the Strait of Hormuz or face the destruction of its energy infrastructure, and Israel warned the war would continue for several more weeks. Shortly after the 22:00 GMT open, the price of West Texas Intermediate (the US benchmark crude) for May delivery rose 1.8% to just over $100 a barrel, before falling slightly.
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US treasury secretary Scott Bessent gave an interview to NBC News earlier today. Asked whether Trump was “de-escalating” or “escalating” the war, Bessent said: “These are not mutually exclusive. Sometimes you have to escalate to de-escalate.”
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In the same NBC interview, Bessent said: US government has ‘plenty of money’ to finance war against Iran, but requests additional funding from Congress ensuring good supply of the army in the future.
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Lebanon’s health ministry said on Sunday that 118 children and 79 women were among the dead.At least 2,786 people were injured, according to the Associated Press. As of Saturday, the number of deaths in the country was 1,024 people.
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International Atomic Energy Agency (IAEA) Director General Rafael Grossi said he hoped for a “resumption” of negotiations between Iran and the United States regarding Tehran’s nuclear program. Despite the escalating nature of the conflict. Grossi told CBS News: “I’m having important conversations here at the White House and also with Iran. There are some contacts and we hope to be able to re-establish that line.”
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British Prime Minister Keir Starmer and US President Trump talked on the phone Sunday evening, according to a statement from the British government. “The leaders discussed the current situation in the Middle East and, in particular, the need to reopen the Strait of Hormuz to restart global shipping.”
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The death and suffering caused by war in the Middle East is “a scandal for the entire human family,” Pope Leo said on Sunday.once again requested an immediate ceasefire. “We cannot remain silent in the face of the suffering of so many people who are defenseless victims of these conflicts. What hurts them hurts all humanity,” Leo said in his speech at the weekly Angelus prayer in St. Peter’s Square.
