Iran War: Energy crisis three times worse than the 1970s

The markets are still obsessing over whether the Strait of Hormuz will reopen. However, MST Financial's head of energy research, Saul Kavonic suggests even if the Strait opened tomorrow, there is little left to ship from these key terminals. The middle east has moved past a temporary price spike and into a permanent energy deficit:

• While most focus on the Strait of Hormuz the real disaster is the destruction of the the middle east energy infrastructure. You can reopen a shipping lane in days, but rebuilding energy infrastructure takes 3 to 5 years.
• The strikes have physically erased nearly one-fifth of the world’s gas supply. This isn't just a delay; that energy is gone.
• This is three times worse than the 1970s because the world has zero extra supply today.
• Investors are "hope-trading" on a ceasefire. Even if the shooting stops tomorrow, the infrastructure is in ruins and the deficit remains.

https://thesiliconreview.com/2026/03/largest-oil-supply-disruption-history-iran-war

Update: As some redditors question whether the above is genuine, here is some additional commentary :

Dr. Fatih Birol, the head of the International Energy Agency (IEA), spoke at the Australia's National Press Club in Canberra today. He confirmed that the current crisis is "worse than the two oil shocks of the 1970s combined.". He pointed out that while the 1970s shocks cost the world about 5 million barrels each, the disruption has already knocked 11 million barrels per day offline, more than both 1970s shocks put together. Furthermore the war is still continueing and more energy infrastructure could be destroyed.

https://www.sbs.com.au/news/article/international-energy-agency-boss-press-club/h6j6fs0kx