The Iran war has inflicted more damage on global natural gas supplies than Russia's full-scale invasion of Ukraine, the head of the International Energy Agency has warned, as strikes on critical infrastructure in the Persian Gulf threaten years of disruption.
Fatih Birol, the IEA's executive director, made the assessment at an event in Canberra, Australia, on Monday, "Hvylya" reports, citing The New York Times. He told The Financial Times last week that the conflict represented "the biggest threat to global energy security in history."
Iran's retaliation against Israeli strikes on its energy infrastructure has included targeting the Ras Laffan complex in Qatar - the world's largest liquefied natural gas processor. Qatar is the third largest LNG exporter globally and a major supplier to both Europe and Asia. The attacks have knocked out roughly 17 percent of the country's LNG export capacity.
Saad al-Kaabi, Qatar's energy minister, said full restoration could take up to five years - a timeline that underscores the lasting economic toll of the conflict regardless of when fighting stops.
Birol warned that a return to pre-war normalcy would take considerable time, even after a ceasefire. The IEA is already in talks with governments in Asia and Europe about further releases from strategic petroleum reserves, having coordinated the largest stockpile release in history less than two weeks ago.
Iran has effectively closed the Strait of Hormuz, which handles roughly a fifth of global oil transport, and has struck energy infrastructure across the Persian Gulf. Oil prices have swung wildly, briefly topping $114 a barrel on Monday.
Previously: Hit the Hardest: What the Iran War Exposed About Asia's Energy Dependence.