The global economy is under "major threat" from the energy crisis caused by the war on Iran, International Energy Agency chief Fatih Birol said, warning that "no country will be immune" to its effects.

Speaking at the National Press Club in Australia's capital on Monday, Birol compared the current energy crisis to those of the 1970s and the impact of Russia's 2022 war in Ukraine.

"This crisis, as things stand, is now two oil crises and one gas crash put all together," he said.

"The global economy is facing a major, major threat today, and I very much hope that this issue will be resolved as soon as possible," Birol added.

"No country will be immune to the effects of this crisis if it continues to go in this direction. So there is a need for global efforts," he said.

US President Donald Trump and Tehran have issued tit-for-tat threats as the war entered its fourth week, with the US president demanding that the country reopen the blocked Strait of Hormuz, through which around 20 percent of the world's oil and gas shipments transit.

The bottleneck has nearly halted all petroleum shipments through the narrow waterway, and oil prices have spiked.

More stockpiled oil release

The International Energy Agency is consulting with governments in Asia and Europe on the release of more stockpiled oil "if necessary" due to the Iran war, Birol said.

"If it is necessary, of course, we will do it. We look at the conditions, we will analyse, assess the markets and discuss with our member countries," Birol said.

IEA member nations agreed on March 11 to release a record 400 million barrels of oil from strategic stockpiles to combat the spike in global crude prices.

There would not be a specific crude price level to trigger another release, Birol added.

He described the crisis in the Middle East as "very severe."