Global Economy Faces ‘Major Threat’ from Iran War

WELLINGTON, New Zealand (AP) — The head of the International Energy Agency says the global economy faces a “major, major threat” because of the Iran war. Fatih Birol told Australia’s National Press Club in Canberra on Monday that the crisis in the Middle East has had a worse impact on oil than the two oil shocks of the 1970s combined, and a worse effect on gas markets than the Russia-Ukraine war. Israel launched a new wave of attacks early Monday against Tehran. Iran renewed strikes on its Gulf neighbors and threatened to start hitting their power plants.