- Energy Markets Seek Stability After Regional Tensions
ISTANBUL: The head of the International Energy Agency (IEA) on Thursday welcomed the interim agreement aimed at ending the conflict between the United States and Iran, describing the development as a positive step for global stability.
IEA Executive Director Fatih Birol said the agreement had brought relief to the international community but stressed that the situation in the energy sector remained fragile.
“The agreement made me and everyone happy,” Birol said while speaking in Istanbul, adding that the next priority should be the unconditional reopening of the Strait of Hormuz.
Hormuz Closure Remains a Major Energy Concern
Birol emphasized that negotiations must be completed within the next 60 days and warned that the strategic waterway must return to normal operations to prevent further disruptions in global energy supplies.
The Strait of Hormuz, one of the world’s most important energy transit routes, plays a crucial role in the transportation of oil and gas from the Gulf region to international markets.
According to Birol, several countries are now reassessing their energy strategies after realizing that the route had been closed once and could potentially face future disruptions.
Global Energy Policies Under Review
The IEA chief said the recent crisis had highlighted vulnerabilities in global energy systems and encouraged governments to reconsider their dependence on critical supply routes.
Energy markets have closely monitored developments in the region, with concerns that prolonged instability around Hormuz could affect oil prices, supply chains and economic growth worldwide.
Birol’s remarks came as international efforts continue to secure a lasting diplomatic solution and prevent further escalation in the region.
BY: The Times Union
