By Zoila Palma: Global energy markets could remain unstable beyond 2027 as escalating tensions in the Middle East continue to threaten oil supplies, the head of the International Energy Agency (IEA), Fatih Birol, has warned.
Speaking at an industry gathering in London on Tuesday, Birol said he saw no credible path toward a return to normal conditions next year. His warning comes as Brent crude, the global oil benchmark, trades above US$111 per barrel, CNN reports.
Birol expressed concern that overlapping crises in the Middle East could further disrupt energy markets, particularly if the Strait of Hormuz faces another closure.
Before the conflict, the strategic waterway carried approximately one-fifth of the world’s oil and natural gas supplies.
Recent attacks on ships have heightened concerns about the security of shipments, while tensions between the United States and Iran and attacks by Iran-backed Houthi militants on Saudi Arabia have added to uncertainty.
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