• The head of the IEA warns Europe has "maybe six weeks" of jet fuel left.
• Flight cancellations may occur soon if oil supplies remain blocked.
• The energy crisis is characterized as potentially the largest in history.
• Developing countries are predicted to suffer the most from rising energy costs.
• The IEA criticizes Iran's toll booth system for shipping through the Strait of Hormuz.

The International Energy Agency (IEA) has issued a stark warning that Europe has "maybe six weeks or so" of jet fuel supplies remaining, suggesting that flight cancellations could occur "soon" if oil supplies continue to be impeded by the ongoing Iran war. IEA Executive Director Fatih Birol characterized the current situation as "the largest energy crisis we have ever faced," driven by disruptions to vital supplies traversing the Strait of Hormuz, which is crucial for global oil transport, according to SCMP, India Times, and LA Times.

Birol cautioned that the ramifications of this crisis would extend beyond Europe's borders, predicting "higher petrol prices, higher gas prices, [and] high electricity prices." He noted that the economic turmoil would not be evenly distributed, naming countries such as Japan, South Korea, India, China, Pakistan, and Bangladesh as being particularly vulnerable. "The countries who will suffer the most will not be those whose voices are heard a lot," Birol stated, indicating that developing countries would experience significant strain before impacts reach wealthier nations like those in Europe and the Americas, as detailed by LA Times and India Times.

Should the Strait of Hormuz not reopen soon, Birol forecasts that Europe might soon witness flight cancellations due to the lack of jet fuel. He underscored the importance of the Strait of Hormuz for global oil supply, warning that prolonged shutdowns could exacerbate energy shortages. With nearly 20% of the world's oil passing through this crucial waterway, he emphasized that "everybody is going to suffer" if the situation does not improve, according to LA Times and SCMP.

Birol also criticized Iran's "toll booth" system that has been applied to some ships passing through the Strait of Hormuz, warning that if such measures become permanent, they could set dangerous precedents for other critical shipping lanes, such as the Malacca Strait. He urged for a return to unrestricted oil flow, stating, "If we change it once, it may be difficult to get it back," a sentiment echoed in the reports by India Times and LA Times.