Middle East crisis live: IEA chief says Iran war energy crunch worse than 1970s oil crises and Ukraine war combined

Fatih Birol says world is losing 11m barrels of oil per day, more than the 1973 and 1979 energy shocks combined; IRGC threatens to completely close strait of Hormuz if Trump acts on infrastructure threatsIran vows to destroy Middle East water and energy facilities if US attacks power plantsAFP is reporting that stocks have fallen while oil prices rose after Donald Trump and Iranian leaders traded threats over the key strait of Hormuz and Israel said the Middle East war could last several more weeks.The escalation hammered stock markets, with Seoul and Tokyo – which had been the standout performers before the war started – taking the brunt of the selling, shedding as much as six and five percent, respectively, at one point.Iranian president Masoud Pezeshkian said “threats and terror” are strengthening Iranian unity, after Donald Trump yesterday warned he would “obliterate” Iranian power plants if the strait of Hormuz is not opened within 48 hours.The price of oil increased early on Mond