IEA Chief Expresses Concerns Over Future of Hormuz Strait Amid Energy Policy Reviews

Istanbul, June 18: The head of the International Energy Agency (IEA), Fatih Birol, has welcomed the interim peace agreement between the US and Iran. He emphasized the need for countries to review their energy policies in light of this development. Birol expressed skepticism about Iran’s behavior, suggesting that the nation may repeat past actions, urging countries to take this matter seriously.

During an event held in Istanbul, Birol stated, “The interim agreement to end the Iran conflict should be welcomed, and the Strait of Hormuz must be reopened unconditionally.”

He noted that many countries are reassessing their energy strategies, as it is evident that this maritime route could be closed again in the future, especially since Iran had previously shut it down during conflicts.

At the Istanbul event, Birol mentioned that the IEA will discuss new strategies with various nations, as this crisis has altered the global energy landscape. He also highlighted the necessity of “trust” in energy markets, where a decline in oil prices has been observed following the peace agreement.

He stressed that this route should be reopened “unconditionally” to assure all parties of its safety.

Birol remarked, “Now all countries understand that the Strait of Hormuz has been closed before and could be closed again,” indicating a need for vigilance regarding future conditions.

He added that this crisis has fundamentally changed how nations view global energy supply routes, which can no longer be regarded as normal.

Furthermore, Birol stated that the agency will engage with various governments to discuss new energy security strategies.

The IEA reports that since the onset of the Iran conflict on February 28, approximately 14 million barrels of oil supply have been disrupted daily. The primary reasons include conflicts and tensions that have obstructed oil shipping routes, particularly maritime pathways, leading to reduced production. A significant portion of the world’s oil supply was temporarily halted, affecting the entire global oil market.