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IEA Head Warns Iran War Sparked Energy Crisis Worse Than 1970s Oil Shocks, Ukraine Fallout The head of the International Energy Agency intensified his apocalyptic warning about the global energy crisis, stating early Monday that the US-Israel war with Iran has sparked a shock far greater than the twin oil crises of the 1970s and the turmoil from the war in Ukraine combined. US-Israeli Operation Epic Fury has entered its fourth week, and emerging from the fog of war is the understanding that 44 energy assets across the Gulf region have...

EU Wants Crisis Powers To Seize Control Of Chip Supplies, Seeks Restrictions On Chinese Imports The EU - which is badly lagging the rest of the world when it comes to AI development - is preparing sweeping emergency powers to intervene in Europe’s semiconductor supply chains during shortages, including by forcing chipmakers to override existing contracts, the FT reported. So much for the sanctity of those "contract-backed" backlogs...  The draft law also enables common purchasing to boost the bloc’s negotiating power, and would mark a clear expansion of the EU’s powers to...