Why ongoing crisis could dwarf oil shocks of the 70s

The Iran war has caused a loss of 20% of global energy supplies, described as the "greatest global energy security threat" by the International Energy Agency. In Kenya, fuel prices have hit record levels, with petrol rising from Sh166.54 to Sh197.60 per litre. Fertilizer shortages will harm food production, worsening inflation, which could exceed 6.2% if the Middle East crisis continues.