The oil and gas crisis caused by the blockade of the Strait of Hormuz is “more serious than those of 1973, 1979, and 2022 combined,” said Fatih Birol, head of the International Energy Agency (IEA), as the deadline set by U.S. President Donald Trump for Iran to open the waterway approaches.

Birol told Le Figaro that the impact of the Middle East conflict on the oil market has been stronger than the combined force of the two oil shocks of the 1970s and the effects of the Russian invasion of Ukraine.

He also said that developing countries face the greatest risk, suffering from higher oil and gas prices, food costs, and overall accelerated inflation, although European countries, Japan, and Australia will also feel the impact. Oil traded above $110 per barrel on Tuesday after Trump warned that “an entire civilization will perish tonight” if Iran does not reach a deal.

Brent crude, the international oil price benchmark, rose 0.7% to $110.60 per barrel during European daytime trading, while New York light crude increased 2.5% to $115.17 per barrel.