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The world is currently experiencing a severe energy crisis, surpassing the combined impact of the 1970s oil shocks and the Ukraine war, according to Fatih Birol, Executive Director of the International Energy Agency (IEA). Speaking at a media event in Australia, Birol warned that the energy crunch prompted by the US-Israel war on Iran has exceeded the 1973 and 1979 oil shocks and gas shortages stemming from Russia's 2022 invasion of Ukraine.Birol stated that the crisis is equivalent to two oil crises and one gas crash combined. He noted that the effective closure of the Strait of Hormuz and attacks on energy facilities have reduced global oil supplies by about 11 million barrels per day (bpd), more than double the combined shortfalls of the 1970s crises. Additionally, liquefied natural gas (LNG) supplies have been reduced by about 140 billion cubic meters, compared to a shortfall of 75bcm in the aftermath of Ukraine's invasion by Russia.At least 40 energy facilities across nine countries have been severely damaged in the conflict, according to the IEA chief. Birol emphasized that the global economy is facing a major threat and expressed hope that the issue will be resolved soon.Birol also expressed concern that the scale of the crisis had not been fully understood, which prompted him to speak publicly about the situation. The IEA has proposed measures to reduce energy consumption, including facilitating remote working and carpooling, and lowering speed limits on motorways.The IEA chief is in consultation with different countries about releasing more strategic oil reserves if needed. However, he emphasized that the single most important solution to the crisis is to unblock the Strait of Hormuz, which usually carries about one-fifth of global oil and LNG supplies.

Iran has reportedly claimed to have downed a US F-35 fighter jet during a combat mission, a development that could challenge the aircraft's reputation as 'unkillable'. According to sources familiar with the matter, the incident occurred last week when the F-35 made an emergency landing at an airbase in the Middle East. The Iranian Islamic Revolutionary Guard Corps issued a statement saying it had targeted a US aircraft, and Iran's semiofficial Tasnim news agency released military footage purporting to show Tehran's air defence systems hitting a US F-35 stealth fighter. The F-35, manufactured by Lockheed Martin, is considered the cornerstone of Washington's aerial firepower, boasting advanced stealth technology, sensors, and high-speed computing. Its ability to gather and share data from a 360-degree camera suite and other sensors makes it a formidable asset in modern warfare. If confirmed, this would be the first time an F-35 has been struck by Iran during the ongoing conflict. Defence experts emphasize that even if the claims are true, it does not necessarily mean stealth technology is becoming obsolete, but rather that even advanced aircraft like the F-35 are not invulnerable in a dense, adaptive air-defence environment. The incident is under investigation, with the US military's Central Command stating that the pilot was in stable condition after the emergency landing. The US has not yet confirmed that the F-35 was hit by Iranian fire, with President Donald Trump stating, “We’re flying wherever we want. Nobody is even shooting at us.” This development comes amid heightened tensions between the US and Iran, with at least 13 US service members killed and roughly 200 wounded during combat operations against Iran. In Iran, at least 1,444 people have been killed and 18,551 injured since the start of the conflict.

Israel and the United States have launched a new wave of attacks against Iran, escalating the conflict in the region. The Israeli military confirmed that it carried out a second round of strikes, hours after initiating a wide-scale wave of attacks on infrastructure targets in Tehran. Al Jazeera Arabic's correspondent in Tehran reported that the size and volume of the explosions in the Iranian capital were unprecedented, especially on the eastern side of the city. Iranian air defense systems were activated in response to US-Israeli drones hovering over the city. According to Mohamad Elmasry of the Doha Institute for Graduate Studies, the war is escalating, with US and Israeli forces hitting not only military installations but also hospitals, schools, and over 5,000 residential units. He warned that the situation is becoming increasingly dangerous, especially for the people of Iran. Iran's Fars news agency reported that a strike on a residential building in Khorramabad killed one child and wounded several people, while at least six people were killed in strikes on homes in Tabriz city. The Iranian Red Crescent Society stated that over 80,000 civilian building units have been hit, with some fully demolished. The US military targeted a turbine engine production site in Qom province, used for drone and aircraft components linked to the Islamic Revolutionary Guard Corps (IRGC). Meanwhile, Iranian missile strikes continued overnight in Israel, with falling shrapnel reported across several locations. Iran's Foreign Ministry denied any dialogue with the US, claiming that President Trump's comments aimed to reduce energy prices and buy time to implement military plans. The IRGC warned that if the US targets Iran's power plants, it will hit power plants in areas supplying electricity to US bases and American interests. The conflict has resulted in over 1,500 deaths in Iran and 15 deaths in Israel. The situation has also unsettled oil markets, with prices fluctuating as Asian trading opened. The head of the International Energy Agency warned that the situation in the Middle East is very severe and worse than the two energy crises of the 1970s combined.

Europe has achieved staggering progress in clean power production, but its efforts are being undermined by a slow transition away from fuel-burning machines. According to Adrian Hiel, director of the Electrification Alliance, the EU has radically transformed its power supply but now needs to focus on increasing the use of electricity in everyday applications.The sluggish pace of electrification has left households exposed to higher bills as the Iran war has driven oil and gas prices to soar. The International Energy Agency has called for a faster shift to electric cars and heat pumps to complement its fuel-saving action plan.Hiel emphasized that high taxes on electricity are a major barrier to the green transition, suggesting that electricity should be taxed like a fresh apple, not like alcohol and tobacco. EU leaders, including Ursula von der Leyen, have acknowledged the need to adjust energy taxes to promote clean air and secure energy.The Electrification Alliance, which includes industry associations like SolarPower Europe and the International Copper Association Europe, is pushing for a faster switch to a decarbonized economy. Hiel noted that the falling cost of clean technology has made it easier for people to ditch fossil fuels, citing his own experience of insulating his home and installing a heat pump and solar panels.Looking ahead, Hiel warned that gas prices are likely to remain high for several years, putting pressure on governments to help households pay their bills and potentially hindering efforts to promote home electrification.

The global oil market is facing unprecedented challenges, with daily oil losses exceeding the combined impact of two major crises in the 1970s, according to the chief of the International Energy Agency (IEA). This stark warning highlights the severity of the current energy landscape and its potential implications for the global economy.The IEA chief's statement underscores the significant strain on global oil supplies, drawing parallels with historical crises that had far-reaching effects on the world economy. As the world navigates this complex energy environment, the IEA's insights are crucial for understanding the potential risks and opportunities that lie ahead.

The global energy crisis caused by the war in Iran and the fallout from the Ukraine conflict is equivalent to the combined force of the twin oil shocks of the 1970s, according to the head of the International Energy Agency (IEA).Fatih Birol, the IEA's executive director, warned that the growing fallout could be seriously compounded by interruptions to the 'vital arteries of the global economy', including petrochemicals, fertilisers, sulphur, and helium.The crisis, which started with bombings against the regime in Tehran on 28 February, already represents the loss of 11m barrels of oil per day and about 140 bcm of gas. This is comparable to the losses seen in the 1973 and 1979 oil crises, which saw a loss of about 5m barrels of oil per day each, and Russia's 2022 invasion of Ukraine, which removed about 75bn cubic metres (bcm) of natural gas from international markets.Birol said that at least 40 energy assets in the Gulf region had been severely or very severely damaged, so even an end to the conflict would not immediately restore energy supply. He also noted that the Asia Pacific region had been badly affected by the closure of the Strait of Hormuz, through which about 20% of the world's oil supply is transported.The IEA has taken emergency measures, including the release of 400m barrels of oil from strategic reserves, the largest emergency measure in its history. Birol said he is consulting world leaders about another possible release of emergency oil supply, noting that the initial move was only 20% of overall stocks.

Satellite images of Tehran have revealed that toxic fires caused by Israeli bombings on oil depots were still burning days after the strikes, posing serious health risks to millions of residents in the Iranian capital.The bombings, which occurred on March 7, caused clouds of smoke to blanket the city with pollutants ranging from soot to oil particles to sulphur dioxide. A passing storm then showered Tehran with poisonous, oil-filled rain.Residents have reported headaches, eye and skin irritation, and difficulty breathing. Experts have warned that these symptoms could be just the beginning, with long-term risks of cardiovascular disease, cognitive impairment, DNA damage, and cancer.Four fuel facilities in and around the capital were hit, including the Shahran depot in the north-west, the Aqdasieh oil depot in the north-east, the Tehran refinery in the south, and the Shahid Dolati facility in the west.Satellite images taken two days after the strikes showed the Shahran depot and the Tehran refinery were still burning. Another image taken by the European Space Agency satellite on Tuesday – 10 days after the strikes – showed that those two fires had smouldered, but smoke and flames were visible at the Aqdasieh oil depot.Iran has described the attacks as “ecocide”, which is described as wanton acts of environmental destruction.The United Nations Environment Programme (UNEP) has warned that heavy smoke from burning oil was “directly inhaled by people in Iran – including young children – raising serious concerns about long-term impacts on both human and environmental health”.

Moma Foods, a British porridge and oat drink brand, has issued a recall for several of its porridge products in the UK due to a potential mouse contamination at their manufacturing site. The recall affects seven versions of its pots and two of its sachets.Customers are advised not to consume the affected products and to return them to the place of purchase for a full refund. The Food Standards Agency (FSA) confirmed the recall on its website, stating that these products may contain mouse contamination, making them unsafe to eat.The affected products include:Porridge pots: almond butter and salted caramel; apple, cinnamon and brown sugar; banana and peanut butter protein; blueberry and vanilla; cranberry and raisin; golden syrup; and plain no-added sugar.Sachets: almond butter and salted caramel; and apple, cinnamon and brown sugar.Moma Foods emphasized that the chance of contamination is low, but they have taken this precautionary step to ensure consumer safety. The company was founded in 2006 in a railway arch in Deptford, south-east London, initially selling porridge and smoothies.

The recent decision by the Small Business Administration (SBA) to deny loans to small business owners who are not US citizens has raised concerns about the politicization of the agency. Kelly Loeffler, the new administrator of the SBA, announced that the agency would no longer approve loans to small business owners unless they are US citizens, effectively excluding legal immigrants with green cards and full residency from accessing loans.This move has been criticized for being a political decision that harms small businesses and the economy. The SBA's mission is to support small businesses, which are the backbone of the US economy. By denying loans to certain entrepreneurs, the agency is limiting access to capital and hindering the growth of small businesses that could benefit their communities and the country at large.The decision is also seen as a reaction against the Biden administration's efforts to promote diversity and inclusion. Under Biden, the SBA had often featured diverse groups of business owners in its marketing materials, but this new policy seems to be tailoring the message to serve the Trump administration's political agenda.Supporting small businesses should not be a controversial position, and most of the time it is not. However, the SBA's politicization has made it a propaganda tool for the party in power, rather than a neutral agency serving the interests of small businesses.To address this issue, some suggest taking the SBA out of the government and spinning it off into a separate entity, similar to the Manufacturing Extension Partnership or the MITRE Corporation. This entity would be funded by both the government and private industry and would be required to report to Congress through its existing small business committees.The goal of this new entity would be to coordinate government loan guarantees, assist with federal funding, and provide training, counseling, and support to small businesses. This would help to insulate the agency from political cycles and ensure that it serves the interests of small businesses, rather than the interests of the party in power.