An energy chief has warned that it will take two years for the world to recover from the energy crisis caused by the war in Iran as a huge fuel crisis looms.
According to Fatih Birol, head of the International Energy Agency, it will take two years for oil and gas supplies “to reach pre-war levels again.”
It comes as the energy chief warned yesterday that Europe only had six weeks of jet fuel left.
Birol warned that the world needed to prepare for “significantly higher” energy prices if the critical oil choke point was not unblocked soon.
Energy prices have soared since the beginning of March after Iran closed the Strait of Hormuz in response to the rogue nation’s US-Israeli attack.
The Iranians last week refused to reopen the strait, even though free flow of shipping through the lane was a key issue in the two-week ceasefire agreement.
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Now the US Navy is enforcing a blockade of shipping lanes that applies to any ships visiting Iranian ports.
But even if the conflict ends with upcoming peace talks, it could take two years for energy supplies to recover, the IEA warned.
Energy chief Birol said this would “vary from country to country – for example, in Iraq, it will take longer than in Saudi Arabia”.
He warned that markets were not taking seriously the effects of a prolonged closure of the Strait of Hormuz.
Birol told Neue Zürcher Zeitung: “We must be prepared for volatile markets for some time.”
Although many of the shipments were already out of the Middle East and headed around the world when the war broke out, those tankers have now arrived at their destinations.
Birol pointed out: “But no new tankers were loaded in March. There were no new deliveries of oil, gas or fuel to Asian markets.”
“This gap is now becoming apparent. If the Strait of Hormuz is not reopened, we should be prepared for significantly higher energy prices.”
He said the IEA was ready to act immediately and decisively after releasing 400 million barrels of oil from its reserves last month.
It comes as Birol warned yesterday that Europe only has six weeks of jet fuel left, with vital supplies blocked due to the war in Iran.
He said mass flight cancellations would begin “soon” if the Strait of Hormuz remains closed.
Birol’s deadline means airports could face severe fuel shortages until May, causing travel chaos for Britons traveling abroad during the school half-term holidays in May.
Several airports in Italy have already warned that they are running out of fuel.
And British Airways has announced that it will close it permanently Its service from London Heathrow in jeddah saudi arabia From 24th April.
Many airlines have had to reduce their flight schedules to avoid rising costs.
United Airlines latest confirmed it will cut five percent of flights – about 250 per month – in the second and third quarters of 2026.
It comes as a former government adviser warned Britons should prepare for World War II-style food rationing Supermarket staples like beer and meat as well as common prescription drugs expected.
