IEA chief Birol warns Strait of Hormuz crisis threatens global energy security
International Energy Agency chief Fatih Birol said oil security remains a critical issue and that the world should be worried if the situation does not improve. His comments come as tension in the Strait of Hormuz continues.
International Energy Agency chief Fatih Birol said oil supply security remains a critical issue, adding that the world should be worried if the situation in the Strait of Hormuz does not improve.
Birol noted that a significant share of global oil supply passes through the strait, and said any disruption there could trigger sharp swings in energy prices. His remarks come as uncertainty in energy markets grows amid the ongoing US-Iran tension.
The IEA is urging member countries to review their strategic oil reserves against a possible supply shock. Birol said the agency is monitoring the situation closely and could coordinate further measures with member states if needed.
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