IEA: Hormuz Closure Is 'Greatest Global Energy Security Challenge in History'

The International Energy Agency described the Strait of Hormuz crisis as the 'greatest global energy security challenge in history.' Brent crude remained near $111/bbl, up ~84% year-to-date. Shell and TotalEnergies CEOs issued energy shortage warnings. Slovenia introduced fuel rationing — the first EU country to do so. Spain approved a €5 billion emergency energy aid package. Asian LNG spot prices remain at multi-year highs following QatarEnergy's force majeure declaration. The World Economic Forum warned of cascading food security impacts from fertilizer supply disruption.