The International Energy Agency says countries will suffer if the Middle East conflict continues and access through the Strait of Hormuz remains disrupted. The warning was issued by the agency’s Executive Director, Fatih Birol.
He spoke during a meeting with the International Monetary Fund and World Bank Group in Washington DC, held on the sidelines of the IMF–World Bank Spring Meetings. The meeting assessed the impact of the conflict on the global economy following failed United States–Iran peace talks.
Birol said the world is facing a major energy security challenge affecting oil, gas and other key commodities, adding that no country is immune to the disruption. He warned that the situation could worsen if the conflict continues and shipping routes remain restricted.
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He added that while emergency oil releases by member countries have helped stabilise prices temporarily, they are not a long-term solution, stressing that restoring full access through the Strait of Hormuz remains critical.
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