The war on Iran has triggered a global energy crisis on a scale not seen in decades, with an impact rivalling the combined force of the 1970s oil shocks and the fallout from Russia-Ukraine war, according to the International Energy Agency.
At least 40 energy facilities across the Gulf have been severely damaged, raising concerns that supply will not recover quickly even if the conflict ends. The oil shocks of the 1970s cut around 6% of global supply. The current crisis has pushed that figure to roughly 20%.
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