{"id":386068,"date":"2026-04-07T09:07:09","date_gmt":"2026-04-07T09:07:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/386068\/"},"modified":"2026-04-07T09:07:09","modified_gmt":"2026-04-07T09:07:09","slug":"oil-and-gas-crisis-worse-than-1973-1979-2002-together-energy-chief-says-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/386068\/","title":{"rendered":"Oil and gas crisis \u2018worse than 1973, 1979, 2002 together\u2019, energy chief says \u2013 The Irish Times"},"content":{"rendered":"

Main PointsDiplomatic negotiations aimed at halting the war in the Middle East<\/a> appeared to be faltering a day before a deadline imposed by Donald Trump<\/a> Trump has threatened to destroy Iran<\/a>\u2019s bridges and attack its power plants if the Strait of Hormuz is not reopenedStrikes continued in Iran and Israel overnightStocks stumble<\/a>, oil above $110 as Trump\u2019s Iran deadline nearsKey Reads<\/p>\n

\u00d3rla Ryan – 2 minutes ago<\/p>\n

A strike on a residential area in Iran\u2019s Alborz province has killed at least 18 people and wounded 24 others, according to Fars news agency.<\/p>\n

\u00d3rla Ryan – 14 minutes ago<\/p>\n

Eurozone investor morale plunges, Sentix survey shows<\/p>\n

The Sentix index measuring \u200cinvestor morale in the eurozone fell sharply in April, \u200cstung by higher energy prices and supply chain disruptions from the \u200bUS-Israeli war on Iran.<\/p>\n

The index fell to -19.2 points, down from -3.1 the month before, the survey showed on Tuesday, \u200bworse than forecasts by analysts polled by Reuters for a \u2060reading of -9 points.<\/p>\n

\u201cInvestors realise that recession is once \u200cagain \u200con \u200bthe table,\u201d Sentix said. <\/p>\n

Sentix likened the decline to that of a \u2060year earlier, \u200bwhen Trump \u200bbegan to increase tariffs.<\/p>\n

\u201cThe attacks on energy \u200cinfrastructure and disruptions to shipping in \u200bthe Persian Gulf are weighing even more \u2060heavily on people\u2019s minds \u2060than \u200bthey did four weeks ago,\u201d Sentix added<\/p>\n

The survey of 1,047 investors was taken from April 2nd to 4th. – Reuters <\/p>\n

\u00d3rla Ryan – 45 minutes ago<\/p>\n

Fuel protests causing traffic delays around the country <\/p>\n

There are reports of heavy traffic in several locations around the country as people stage slow-moving convoys protesting high fuel prices caused by the war.<\/p>\n

You can read the latest updates in our live story on the protests here<\/a>.<\/p>\n

Traffic Alert \u2013 County Kildare<\/p>\n

A slow-moving convoy is currently traveling eastbound on the M7 approaching Junction 13 (Kildare Village), County Kildare. Motorists are advised to plan their journeys accordingly. pic.twitter.com\/pv1JcxQWbM<\/a><\/p>\n

\u2014 An Garda S\u00edoch\u00e1na (@GardaTraffic) April 7, 2026<\/a><\/p>\n

Traffic Alert \u2013 Limerick <\/p>\n

We are aware of a slow-moving convoy currently on the M7 near Limerick city. Motorists are advised to plan their journeys accordingly. pic.twitter.com\/6iDSDRCE1m<\/a><\/p>\n

\u2014 An Garda S\u00edoch\u00e1na (@GardaTraffic) April 7, 2026<\/a><\/p>\n

Traffic Alert \u2013 County Galway<\/p>\n

A slow-moving convoy is currently traveling westbound on the M6 Junction 18 (Athenry), Co. Galway.<\/p>\n

Motorists are advised to plan their journeys accordingly. pic.twitter.com\/0SwZ791Ipp<\/a><\/p>\n

\u2014 An Garda S\u00edoch\u00e1na (@GardaTraffic) April 7, 2026<\/a><\/p>\n

\u00d3rla Ryan – 59 minutes ago<\/p>\n

Iran\u2019s Mehr news agency is reporting that Khorramabad Airport has been targeted in a US-Israeli attack. More as we get it.<\/p>\n

Iran war jeopardises US global leadership, warns Italian minister<\/p>\n

The Iran war has put US global leadership \u200con the line, Italy\u2019s defence minister Guido Crosetto said, expressing fear about the \u201cmadness\u201d of nuclear escalation. <\/p>\n

Like some other \u200cNato allies reluctant to join Trump\u2019s attacks on Iran, Italy last week denied permission \u200bfor US military aircraft to land at the Sigonella air base in Sicily en route to the Middle East.<\/p>\n

\u201cThis war is also putting the United States at risk in its global leadership,\u201d \u200bCrosetto told Italian daily Corriere della Sera in an interview published on Tuesday. Crosetto, a close ally of \u2060Italian prime minister Giorgia Meloni, who has a good relationship with Trump, \u200csaid \u200che \u200bworried the conflict could take an even worse turn and cited the 1945 US nuclear bombings of Japan in the second World War.<\/p>\n

\u201cJust think: it was human \u200bbeings like us who decided that even \u200bHiroshima and Nagasaki were acceptable means of ending a conflict. Unfortunately, we still possess \u200cnuclear weapons, and those who do \u200bnot have them are seeking to acquire them. We have learned nothing,\u201d he \u2060said.<\/p>\n

\u201cThe risk is madness, and what \u2060we are \u200bexperiencing is a conflict in which every action triggers a reaction at a higher level\u201d.<\/p>\n

Crosetto, who is due to address parliament about the Iran war later on Tuesday, said Trump should have braver advisers.<\/p>\n

\u201cOne of the problems of this presidency is that no one dares contradict the boss,\u201d he said.<\/p>\n

With Trump angry at Europe\u2019s stance on the war, Crosetto said Italy \u200chas not given \u2060the US permission to use its bases in other circumstances than those that arose last week. Meloni, who has so far refrained from taking \u200ca hard line against the war, visited Saudi Arabia, Qatar and the United Arab Emirates over the \u200bweekend to show support for Gulf nations facing Iranian \u200battacks and to protect Italy\u2019s energy supplies as the world grapples with rising fuel prices. – Reuters<\/p>\n

Message from the Editor<\/p>\n

\"Irish<\/p>\n

Thanks for reading. If you\u2019re interested in Irish politics, becoming an Irish Times subscriber can give you access to all of our coverage, including exclusive news stories, in-depth analysis and thought-provoking commentary. Receive our politics newsletter in your inbox every morning, early tickets to Inside Politics podcast live events and full access to the best writing about the people and policies that shape modern Ireland.<\/p>\n

At The Irish Times, our journalism is free of any personal, political or commercial control. Unlike most publishers, we have no shareholders to satisfy, no media baron owner in the background telling us what we can and cannot publish.<\/p>\n

We are owned by a Trust that mandates us to uphold a set of public-interest values. Those values describe a worldview that is outward-looking, tolerant, curious, interested in divergent views and attentive to the needs of minorities. Our watchwords are fairness and accuracy. Our goal is to enable you to make informed and independent judgments. And any profit we make goes towards supporting our journalism. <\/p>\n

Ruadh\u00e1n Mac Cormaic<\/p>\n

Editor <\/p>\n

[\u00a0To join Ireland’s biggest community of news subscribers, sign up hereOpens in new window<\/a>\u00a0]<\/p>\n

As negotiations to end the war continue, civilians on the ground are surveying the destruction.<\/p>\n

\"PeoplePeople gather on Tuesday as an excavator clears rubble at the site of Sunday\u2019s Israeli strike on a building in Beirut\u2019s Jnah neighbourhood, Lebanon. Photograph: Hassan Ammar\/AP \"WorkersWorkers remove debris at Tehran\u2019s Sharif University of Technology complex, which Iranian authorities say was hit on Monday by a US-Israeli strike. Photograph: Francisco Seco\/AP <\/p>\n

About 18 per cent of French \u200cpetrol stations were lacking some kind \u200bof fuel on Tuesday morning, junior energy minister \u200bMaud Bregeon said.<\/p>\n

French oil \u2060major TotalEnergies has \u200cset \u200ca \u200bceiling on its retail prices in \u2060France, \u200bbelow what \u200bother brands charge, which \u200cled to supply \u200bissues at some \u2060stations, \u2060she said \u200bin an interview on news TV channel BFM TV.<\/p>\n

There is no overall problem \u200cof supply, \u2060she said, with only a problem \u200cof logistics because of \u200bdemand changes. – Reuters<\/p>\n

Current oil and gas crisis \u2018worse than 1973, 1979, 2002 together\u2019, energy chief says<\/p>\n

The current oil \u200cand gas crisis triggered by the blockade of the \u200cStrait of Hormuz is \u201cmore serious than the ones in 1973, \u200b1979 and 2002 together\u201d, Fatih Birol, the head of the International Energy Agency (IEA), told Le Figaro newspaper.<\/p>\n

\u201cThe world \u200bhas never experienced a disruption to energy supply of \u2060such magnitude,\u201d he said in an interview \u200cwith \u200cthe French \u200bnewspaper released in its Tuesday edition.<\/p>\n

He said the European countries, \u2060as well \u200bJapan, Australia and others will \u200bsuffer, but the countries most at risk \u200cwere developing nations that will \u200bsuffer from higher oil and gas prices, \u2060higher food prices \u2060and \u200ba general acceleration of inflation.<\/p>\n

The IEA member countries agreed last month to release part of their strategic reserves. Some of this had already been released and the process continues, said Birol.<\/p>\n

In reaction to \u200cthe strikes by \u2060Israel and the US, Iran has almost entirely blocked the traffic in the \u200cStrait of Hormuz, through which about 20 per cent of world \u200boil and gas regularly flows, creating \u200ba surge in energy prices. – Reuters<\/p>\n

Protests over fuel prices may cause delays on roads<\/p>\n

Road users have been advised to allow extra time for journeys this morning as a number of protests against the price of fuel are due to take place in various locations around the country.<\/p>\n

An Garda S\u00edoch\u00e1na said the protest activity is \u201cproposed to take the form of slow-moving convoys of vehicles on the main arteries leading to Dublin and in the vicinity of large urban areas across the country from after 8am\u201d. <\/p>\n

Dublin Airport has advised passengers travelling to the airport \u201cto allow extra time for their journey due to the possibility of traffic disruption on roads around the airport\u201d.<\/p>\n

An Israeli air strike killed at least 10 people and wounded several others outside a school housing displaced Palestinians on Monday, health officials said<\/a>, in \u200cthe latest violence overshadowing the fragile US-backed Gaza ceasefire deal. <\/p>\n

Before the strikes, some Palestinians had clashed with members of an Israeli-backed militia who they accused of attacking the school in an attempt to abduct some people, medics and residents said. – Reuters<\/p>\n

\"AA petrol pump out of use at a petrol station near Ipswich, England. Photograph: Lucy North\/PA Wire <\/p>\n

Global stocks wavered on Tuesday, while oil prices were perched above $110 (about \u20ac95) per barrel as the prospect of escalation in \u200cthe war in the Middle East and the looming deadline for a deal to be reached kept nervy investors on the sidelines<\/a>.<\/p>\n

Markets have been rattled since the US-Israel war on Iran broke out at \u200bthe end of February, with Tehran effectively closing the Strait of Hormuz, a key global oil transit chokepoint that has spurred inflation worries.<\/p>\n

While investors have pinned their hopes on a resolution to the war, the talks so far have yielded no progress, with Trump imposing a deadline of 1am on Wednesday (Irish time) for a deal to be reached. -Reuters<\/p>\n

Russia helping Iran strike US targets<\/p>\n

Russian satellites have made dozens of detailed imagery surveys of military facilities and critical sites across the Middle East to help Iran strike US forces and other targets, according \u200cto a Ukrainian intelligence assessment. <\/p>\n

The conclusions, reviewed by Reuters, also found that Russian and Iranian hackers were collaborating in the cyber domain. They represent the most detailed account yet of how Russia has provided secret support to Iran since Israel and the \u200bUS launched their assault on February 28th.<\/p>\n

Russian satellites, the undated assessment said, made at least 24 surveys of areas in 11 Middle Eastern countries from March 21st to 31st, covering 46 \u201cobjects\u201d, including US and other military bases and sites including airports and oil fields. <\/p>\n

Within days of being surveyed, military bases and headquarters were targeted by Iranian ballistic missiles and drones, the assessment said, in what it described as a clear pattern. <\/p>\n

A Western military source and a separate regional security source told Reuters that \u200btheir intelligence also indicated intense Russian satellite activity in the region and said that imagery had been shared with Iran. <\/p>\n

Nine surveys covered parts of Saudi Arabia, including five over the King Khalid Military City near Hafar Al-Batin, in what appeared to be an \u2060effort to locate elements of the US-made Thaad air defence system, the Ukrainian assessment said. – Reuters<\/p>\n

Negotiations enter \u2018critical, \u200csensitive\u2019 stage \u200b<\/p>\n

Pakistan positive and productive endeavours in Good Will and Good Office to stop the war is approaching a critical, sensitive stage … <\/p>\n

Stay Tuned for more<\/p>\n

\u2014 Reza Amiri Moghadam (@IranAmbPak) April 7, 2026<\/a><\/p>\n

Pakistan\u2019s \u201cpositive \u200cand productive\u201d efforts to \u200bstop the US-Israeli \u200bwar with \u2060Iran are approaching \u200ca \u201ccritical, \u200csensitive\u201d \u200bstage, \u2060Iran\u2019s \u200bAmbassador \u200bto Pakistan \u200cReza Amiri Moghadam \u200bsaid in \u2060a \u2060post \u200bon X on Tuesday.<\/p>\n

Strikes continued in Iran and in the region overnight. Israel said it targeted three airports and a petrochemical facility, while Iran launched another wave of missiles towards Israel.<\/p>\n

The Israeli military meanwhile told Iranian citizens that \u201cyour presence on trains and near railway lines endangers your life\u201d, according to a post made on X.<\/p>\n

The King Fahd Causeway, a key bridge linking Saudi Arabia to the island kingdom of Bahrain, closed early on Tuesday due to threats. The King Fahd Causeway Authority made the announcement in a post on X. It said vehicle movements had been \u201csuspended as a precautionary measure\u201d over Iranian attacks targeting Saudi Arabia\u2019s Eastern Province. <\/p>\n

The 25km bridge is the only connection by road for Bahrain \u2013 home to the US navy\u2019s 5th Fleet \u2013 to the Arabian Peninsula, the Associated Press reports.<\/p>\n

Diplomatic negotiations aimed at halting the war in the Middle East appeared to be faltering a day before a deadline imposed by Donald Trump with a threat to destroy Iran\u2019s bridges and attack its power plants.<\/p>\n

Mediators from Pakistan, Egypt and Turkey want both sides to agree to a ceasefire and reopen the Strait of Hormuz, to be followed by a period of detailed negotiations intended to reach a more complete peace agreement.<\/p>\n

Iran, however, said it wanted a permanent end to the war, not a ceasefire. It submitted its own 10-point peace plan, according to the country\u2019s Iran news agency, and called for a \u201cpermanent end to the war in line with Iran\u2019s considerations, while rejecting a ceasefire\u201d.<\/p>\n

Trump acknowledged Iran\u2019s proposal as he spoke to reporters during an Easter egg event for children at the White House on Monday and said it was insufficient. \u201cIt\u2019s a significant step. It\u2019s not good enough,\u201d he said. -AP<\/p>\n

Trump \u2018not at all\u2019 concerned about possible war crimes\"DonaldDonald Trump said he was ‘not at all’ concerned about committing possible war crimes. Photograph: Doug Mills\/The New York Times <\/p>\n

Donald Trump has said he is \u201cnot at all\u201d concerned about committing possible war crimes as he threatened to destroy Iran\u2019s infrastructure if Tehran does not open the Strait of Hormuz by his deadline.<\/p>\n

He threatened to destroy bridges and power plants if the regime does not move on the blockade by 8pm Eastern Time on Tuesday.<\/p>\n

\u201cI\u2019m not worried about it,\u201d the US president said. \u201cYou know what\u2019s a war crime? Having a nuclear weapon.\u201d <\/p>\n

At a news conference, Trump said all of Iran could be \u201ctaken out\u201d in one night \u201cand that night might be tomorrow night\u201d, referring to Tuesday. <\/p>\n

Israel and the US carried out a wave of attacks on Iran on Monday, killing more than 25 people. Iran responded with missile fire on Israel and its Gulf Arab neighbours. <\/p>\n