IEA Warns US-Israel War Against Iran Could Threaten Global Economy
The International Energy Agency (IEA) has warned that the consequences of a US and Israeli war against Iran could pose a major threat to the global economy. The agency announced that if necessary, the possibility of releasing additional amounts from strategic oil reserves to control the price crisis is being considered.
Fatih Birol, the head of the International Energy Agency, said consultations have begun with Asian and European governments regarding the use of oil reserves. According to him, this step is a response to recent developments and their impact on global energy markets.
Member countries of the agency had previously agreed on March 11 to release about 400 million barrels of oil from strategic reserves to prevent further price increases. This decision was made to stabilize the global oil market.
Birol described the current situation in the Middle East as very serious, stating that the severity of the crisis has surpassed the two oil shocks of the 1970s. He added that the coincidence of these events with the ongoing war between Ukraine and Russia has put additional pressure on the energy market.
According to the agency’s head, more than 40 energy facilities have been damaged during these conflicts, raising concerns about the security of oil supplies. He cited the reopening of the Strait of Hormuz as one way to reduce tension in the energy market; the strait is one of the world’s main oil transit routes.
Meanwhile, despite efforts to curb the price surge, crude oil prices have risen by one dollar to over $113 per barrel, marking the highest level since July 2022.
It has also been reported that political tensions between Tehran and Washington have increased worries. Iranian officials have warned against continued hostile behaviors, and Donald Trump, the President of the United States, stated that if the Strait of Hormuz remains closed, he would target Iran’s energy facilities.
