International Energy Agency (IEA) chief Fatih Birol warned Monday that the global economy is under a "major threat" from the energy crisis triggered by the Middle East war, stressing that no country will be spared from its consequences.

Speaking at the National Press Club in Canberra, Australia, Birol likened the current crisis to the oil shocks of the 1970s and the economic fallout from Russia's invasion of Ukraine in 2022, describing it as the equivalent of two oil crises and one gas crash combined.

"The global economy is facing a major, major threat today, and I very much hope that this issue will be resolved as soon as possible," Birol said, adding that collective global action is urgently needed.

The warning comes as US President Donald Trump and Tehran continue to trade threats now four weeks into the war. Trump has demanded that Iran reopen the Strait of Hormuz, a critical waterway through which roughly 20 percent of the world's oil and gas shipments pass.

The blockade has nearly brought petroleum shipments through the strait to a halt, sending oil prices surging.