IEA Head Warns Closure of Strait of Hormuz Poses Serious Risk to Global Economy
The head of the International Energy Agency, Fatih Birol, has stated that the closure of the Strait of Hormuz and the ongoing energy crisis in the Middle East have placed the global economy at serious risk.
Birol referred to recent clashes involving the United States, Israel and Iran, noting that more than 40 energy facilities have suffered heavy damage. He warned that no country will remain unaffected by the crisis.
He drew parallels to the 1970s oil crisis and called for international efforts to find a quick solution.
The closure has led to a complete halt in oil and gas transport through the strait, resulting in unprecedented surges in global oil prices.
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