International Energy Agency (IEA) chief Fatih Birol warned that Europe could face serious diesel and jet fuel shortages by May.

Iran attacks and restrictions in the Strait of Hormuz have reduced oil shipments by over 12 million barrels per day - exceeding the crises of 1973 and 1979.

Birol described the situation as more serious than the oil shocks of 1973, 1979, and the 2022 Russian gas shortage. April will be much worse than March, he warned.

The IEA released a record 400 million barrels from reserves in mid-March. Approximately 40 critical energy facilities have been damaged and require time for restoration.