Fatih Birol, the head of the International Energy Agency (IEA), has warned that the ongoing conflict involving Iran, the United States, and Israel could lead to the most severe energy crisis in history. He emphasized that the current situation is already critical, exacerbated by disruptions in the Strait of Hormuz, which is a crucial passage for about 20% of global oil and liquefied natural gas supplies. This crisis is further intensified by the repercussions of Russia's war in Ukraine, which has already strained gas supplies to Europe. In March, the IEA responded to rising oil prices by agreeing to release a record 400 million barrels of oil from strategic reserves. As oil prices hover near $95 per barrel, markets are reacting to the uncertainty surrounding potential negotiations between Washington and Tehran, with both sides still at odds. The standoff poses risks of worsening supply disruptions, particularly with ongoing tensions regarding Iran's nuclear program and Israel's military actions in Lebanon.