International Energy Agency (IEA) Executive Director Fatih Birol said on Wednesday that the U.S.-Israeli war on Iran has resulted in the loss of more than 12 million barrels of oil per day, marking one of the most severe shocks to global energy markets.

Speaking during a podcast hosted by Norway’s sovereign wealth fund, Birol said the agency is considering releasing oil from strategic reserves again to help stabilize market volatility.

He described the current crisis as “worse than the oil shocks of the 1970s and the 2022 Russian gas crisis,” noting that around 40% of key energy assets in the Middle East have been affected by the conflict.

Birol drew comparisons to the 1973 oil crisis, when Arab countries cut production, triggering sharp price increases, as well as the 1979 Iranian disruptions that reduced supply and drove global prices higher.

He also referenced the 2022 energy crisis following Russia’s invasion of Ukraine, which led to a halt in Russian gas supplies to Europe and attacks on the Nord Stream pipelines.

The remarks come as global energy markets experience heightened volatility amid escalating geopolitical tensions in the Middle East.