Fatih Birol, the executive director of the International Energy Agency (IEA), has warned that the situation in West Asia is “very severe” and worse than the two energy crises of the 1970s combined.
The biggest solution to the ongoing crisis is the reopening of the Strait of Hormuz, which Iran has effectively blocked following the US-Israeli attack on the country.
Donald Trump warned the US will “obliterate” Iran’s power plants if it doesn’t fully open the Strait of Hormuz within 48 hours, prompting Tehran to say it would respond to any such strike with attacks on U.S. and Israeli energy and infrastructure assets.
The death toll from the war has risen to more than 1,500 people in Iran, more than 1,000 people in Lebanon, 15 in Israel and 13 US military members, as well as a number of civilians on land and sea in the Gulf region.
Millions of people in Lebanon and Iran have been displaced.
Kuwait said early Monday that its air defences are intercepting hostile missile and drone attacks, while the UAE said its air defences are dealing with missile and drone strikes coming from Iran.
Air raid sirens have sounded in Bahrain.
The price of crude oil remained volatile on Sunday as the Iran war continued to hinder shipping and production in the Middle East.
