IEA: Iran war has triggered oil shock larger than 1970s; Australia faces fuel shortages and ABC strike
Mar 23rd 2026 · Australia
Fatih Birol says closure of the Strait of Hormuz has removed about 11 million barrels a day and 14 billion cubic metres of gas, while Australia reports east coast fuel shortages and the national broadcaster faces its first staff strike in two decades.
- IEA executive director Fatih Birol warned the Iran war energy shock is larger than the twin 1970s oil shocks combined and the fallout from Russia's invasion of Ukraine.
- The IEA said the Strait of Hormuz closure has cost roughly 11 million barrels of oil per day and about 14 billion cubic metres of gas.
- Australia's energy minister Chris Bowen confirmed dozens of east coast service stations are experiencing petrol or diesel shortages.
- ABC staff have announced a nationwide strike, the first in 20 years, which is expected to cause widespread news disruption.
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- ABC staff to strike for first time in 20 years with widespread news disruption expected www.theguardian.com
- Afternoon Update: IEA chief warns oil shock worse than 1970s crises combined; ABC staff to strike; and a ‘feline Oscars’ star www.theguardian.com
- Australia's ABC staff to go on strike for first time in 20 years www.bbc.com
- Iran war threatens energy crisis worse than 1970s two oil shocks www.scmp.com
- Iran war threatens energy crisis worse than 1970s two oil shocks www.scmp.com
- US-Israeli war on Iran strains food, water and fuel prices in India www.aljazeera.com
- Iran War’s effect on oil worse than the 1970s, IEA chief says fortune.com
- Iran war energy crisis equal to 70s twin oil shocks and Ukraine invasion fallout, says IEA chief | First Thing www.theguardian.com
- The Iran oil crisis is the worst energy shock ever recorded. World leaders aren’t ready, says IEA chief fortune.com