First Thing: Iran war energy crisis equal to 70s twin oil shocks and Ukraine invasion fallout, IEA chief says

Fatih Birol said the growing crisis could be seriously compounded through interruptions to the ‘vital arteries of the global economy’. Photograph: Lukas Coch/AAP

Good morning.

The global energy crisis caused by the war in Iran is equivalent to the combined force of the twin oil shocks of the 1970s and the fallout from Russia’s invasion of Ukraine, the head of the International Energy Agency has said.