IEA Warns of Long-Term Impact on Global Oil Trade Due to Iran Conflict
The International Energy Agency (IEA) has expressed concerns over the long-term impact of the ongoing conflict involving Iran on the global oil trade, particularly through the Strait of Hormuz. This critical waterway, which facilitates about a fifth of the world's oil and liquefied natural gas flows, has been subject to a double blockade by the US and Iran. The IEA's Executive Director, Fatih Birol, highlighted that the prolonged closure of the Strait has severely damaged its reputation as a reliable trade route. The disruption has far-reaching consequences beyond energy markets, affecting sectors such as agriculture and air travel. Birol emphasized that the solution to this crisis lies in diplomatic efforts rather than energy sector interventions. 
