More than 40 energy assets across nine countries in the Middle East have been “severely or very severely” damaged by the ongoing conflict, raising the risk of prolonged disruption to global energy supplies, according to International Energy Agency executive director Fatih Birol, Bloomberg reported on March 23.

The damage to oil fields, refineries and pipelines is likely to delay the restoration of output even after hostilities subside. Speaking at Australia’s National Press Club in Canberra, Birol said it would take time for critical infrastructure to return to operation.

More than three weeks of fighting have disrupted supply chains across the region, with traffic through the Strait of Hormuz — a key chokepoint — almost entirely halted. The resulting shock has driven sharp increases in crude, natural gas and refined fuel prices.

Birol’s comments come after Israel’s missile attack on Qatar’s South Pars gas complex on March 18 destroyed 17% of its production capacity, causing multi-year damage that will affect the global gas markets, and US President Donald Trump’s threat to destroy Iran’s power grid if the Strait of Hormuz are not reopened by March 24.

Birol said the scale of the damage was comparable to multiple past shocks combined. The impact of current disruptions is equivalent to the oil crises of the 1970s and the 2022 gas crisis following Russia’s invasion of Ukraine “all put together,” he said.

“Not only oil and gas, but some of the vital arteries of the global economy — such as petrochemicals, such as fertilizers, such as sulphur, such as helium — their trade is all interrupted, which will have serious consequences for the global economy,” Birol said.

Asia is particularly exposed due to its reliance on Middle Eastern crude imports. Birol also cautioned against protectionist responses after China moved to curb fuel exports, warning that unilateral measures could deepen the crisis.

“Every country first looks at its own domestic interest, but in such a situation, to have serious export restrictions without justification, might not be something which gets plus points from the international community,” he said.

The Paris-based agency has already announced the release of a record 400mn barrels from emergency reserves to stabilise markets and has proposed demand-reduction measures for importing countries.

Further releases remain possible if disruptions intensify, Birol said, but he stressed that restoring flows through the Strait of Hormuz would be critical to resolving the crisis, given its central role in global energy trade.