The ongoing war between Iran and the United States, combined with the closure of the Strait of Hormuz, poses a serious threat to the global economy. The director of the International Energy Agency, Fatih Birol, warned that the situation in the Middle East was “serious” and that the global economy was facing a real risk.
Speaking in Canberra, he indicated that the IEA had already approached several governments in Europe and Asia to consider additional release of their strategic oil reserves “if necessary”. He stated that the current crisis surpasses by its magnitude the two major oil shocks of the 1970s combined, referring to the crises of 1973 and 1979, as well as the disruptions in the gas market caused by the war between Russia and Ukraine since 2022.
For Fatih Birol, the priority remains the reopening of the Strait of Hormuz, a crucial passage for global energy trade. However, he clarified that no specific oil price threshold would automatically trigger the use of strategic reserves, despite the current surge in prices. Earlier this month, the agency had already announced a record release of 400 million barrels of oil from emergency stocks of its member countries to alleviate tensions in the markets.
Meanwhile, the United States has taken an exceptional measure to try to stabilize prices. Treasury Secretary Scott Bessent announced a temporary authorization to sell approximately 140 million barrels of Iranian oil already loaded on ships. According to Washington, this decision aims to increase global supply and limit the influence of Tehran and China on the energy market.
