"Fatih Birol, president of the International Energy Agency, warned that the war in Iran is the greatest threat to energy security in history, with analysts describing the situation as an Armageddon."
"Ebrahim Zolfaqari, spokesman for Iranian militias, stated that they will not allow a single liter of oil to reach the United States or its allies, declaring any ship heading for them a legitimate target."
"Scott Modell, CEO of Rapidan Energy, cautioned that if fighting continues, oil prices could reach $200 a barrel due to Iran's use of rockets, missiles, and drones to attack key oil facilities."
"The Iran war has awakened the specter of an energy crisis reminiscent of the 1970s, when an embargo caused the greatest disruption in energy markets and a deep economic crisis."
The ongoing war in Iran is causing severe disruptions in energy markets, with oil prices soaring to around $120 a barrel and natural gas above $60 per megawatt. Analysts warn that prices could reach $200 a barrel if hostilities continue. Iranian militias threaten to block oil shipments to the U.S. and its allies, escalating tensions. The situation mirrors the energy crisis of the 1970s, with U.S. and Israeli airstrikes triggering panic in financial markets and attacks on critical infrastructure further exacerbating the crisis.
Read at english.elpais.com
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