Turkish Energy Minister Calls Hormuz Crisis 'Mother of All Crises'

Turkish Energy and Natural Resources Minister Alparslan Bayraktar has labeled the ongoing global energy crisis, triggered by tensions in the Strait of Hormuz and the US-Israel war on Iran, as the 'mother of all crises.' In an interview with Al Jazeera, Bayraktar emphasized that the closure of this critical oil transit route has created a supply deficit of approximately 20 million barrels daily, forcing the world to reconsider its energy architecture. He highlighted Turkey's strategic advantage as a regional hub due to its geographic location, existing infrastructure like the Blue Stream and TurkStream pipelines, and robust gas storage levels at 72 percent. While noting that rising oil prices burden Turkey's budget, the minister expressed hope that a recent ceasefire will restore navigation and stabilize markets. The crisis underscores the urgent need for diversifying energy routes to prevent future economic recessions.