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Mon, 30 Mar 2026

Mon, 30 Mar 2026 What was the 1970s oil crisis, and are we heading for something worse?

While both crises involve oil, experts say there are some important differences between what happened in the 1970s and today.

* Lars Jensen, shipping expert and former Maersk director, says impact of US-Israeli war on Iran could be "substantially larger" than 1970s oil crisis.
* Fatih Birol, International Energy Agency director, warns that world is facing "greatest global energy security threat in history".
* Economists argue that current situation is different from 1970s due to more resilient markets and reduced oil usage.
* Iran war closure of Strait of Hormuz has disrupted flow of oil, gas, and other essentials from Gulf states, which normally export a fifth of world's oil.
* Experts predict massive energy costs for six to 12 months after crisis is over.
* Current crisis affects 20% of global supplies, dwarfing the 1970s shock, says Alicia Garcia Herrero, chief economist for Asia Pacific at Natixis CIB.