Iran war: World economy facing 'major threat,' IEA head says

· DW

International Energy Agency chief Fatih Birol said the Hormuz crisis could be worse than the oil crises of the 1970s. Meanwhile, Trump's deadline for opening the strait is set to run out. DW has more.

  • The head of the International Energy Agency (IEA) has said the global economy is facing a 'major threat' due to the blocking of the Strait of Hormuz
  • US President Donald Trump's 48-hour deadline to Iran to open the strait is set to run out on Monday
  • Trump had threatened to bomb Iran's power plants if it does not comply
  • Iran threatened to "irreversibly destroy" key infrastructure across the Middle East if Trump follows through 

Here is a roundup of the war in the Middle East on Monday, March 23, 2026. You can catch up on Sunday's developments here.