IEA warns of oil crisis if Hormuz Strait remains closed
The International Energy Agency warns global oil stocks are nearly depleted and energy security faces new challenges if the Strait of Hormuz stays shut.
Key Takeaways
AIThe International Energy Agency warned on Monday that the world will face even greater difficulties if the Strait of Hormuz is not reopened soon.
The agency explained that global oil stocks are close to running out if the strait remains closed in the coming period.
The IEA added that the energy sector will not return to its previous state even if the Strait of Hormuz is reopened, stressing that the world has entered a new phase in energy security.