In an interview with the Associated Press, IEA Executive Director Fatih Birol painted a worrying picture of the global repercussions of what he called “the biggest energy crisis ever faced,” resulting from the blockade of oil, gas and other vital supplies through the Strait of Hormuz.

“In the past, there was a group called ‘Dire Straits.’ Now you are in a desperate situation, and this will have serious implications for the global economy. And the longer this goes on, the worse it will be for economic growth and inflation around the world,” he said.

For the executive, the impact will be “higher gasoline prices, higher gas prices and higher electricity prices.”

Economic difficulties will be felt unevenly, and “the countries that will suffer the most will not be those whose voice is heard the most. It will mainly be developing countries. The poorest countries in Asia, Africa, and Latin America,” said the economist and energy expert who has led the IEA since 2015.

Without an agreement to the Iran war that permanently reopens the Strait of Hormuz, “everyone will suffer,” he added.

“Some countries may be richer than others. Some countries may have more energy than others, but no country is immune to this crisis,” he said, because without the reopening of the waterway, some petroleum products may run out.

Fatih Birol said it is possible that in Europe, news will soon be heard that some flights from city A to city B may be cancelled due to a lack of jet fuel.

The IEA director spoke out against the so-called "toll" system that Iran has applied to some ships, allowing them to cross the strait upon payment of a fee, saying that if this became more permanent, it would risk creating a precedent that could then be applied to other waterways.

The official also mentioned that more than 110 oil tankers loaded with crude oil and more than 15 ships loaded with liquefied natural gas are waiting in the Persian Gulf and could help alleviate the energy crisis if they were able to navigate the Strait of Hormuz.

Even with a peace agreement, attacks on energy facilities mean that many months could pass before pre-war production levels are restored, he said.

"It would be extremely optimistic to believe that it will be very quick," Birol said, noting that it will take up to two years to get back to where it was before the war.