The International Energy Agency (IEA) has warned that the escalating conflict in the Middle East continues to pose significant risks to global energy security, despite emergency measures and alternative supply routes helping to stabilize oil and gas markets.
In a statement, IEA Executive Director Fatih Birol said the worsening security situation around the Strait of Hormuz and threats to the Bab el-Mandeb Strait have heightened concerns over global energy supplies and increased uncertainty in oil markets.
Birol noted that crude oil markets have so far been cushioned by continued exports from Gulf producers, particularly Saudi Arabia and the United Arab Emirates, which have redirected shipments through alternative routes while maintaining some exports via the Strait of Hormuz.
Additional crude exports from the United States, Brazil, Venezuela and Kazakhstan have also helped offset part of the supply disruption. Meanwhile, China’s decision to reduce crude oil imports by nearly 50% compared with pre-war levels has eased pressure on global demand.
The IEA said its member countries continue to release emergency oil stocks under the collective action announced in March.
