A HUGE fuel crisis is looming as the head of the International Energy Agency has warned it will take two years for supplies to recover from the war in Iran.
Fatih Birol said and supplies would take “approximately two years overall to reach pre-war levels again” after warning yesterday that.
Energy supplies will take two years to recover after the effects of the war in Iran Credit: Getty
It comes after IEA chief Fatih Birol warned yesterday that Europe has just six weeks of jet fuel left Credit: Alamy
Markets are underestimating the effects of the closure of the Strait of Hormuz Credit: Reuters
prices have soared since the start of March after closed off the Strait in response to US-Israeli blitzes of the rogue nation.
Iranians refused to re-open the Strait last week, even though free flow through the shipping lane was a key plank in a two-week ceasefire agreement.
Now the is enforcing a blockade of the shipping lane that applies to any ships visiting Iranian ports.
But even if the conflict ends with upcoming peace talks, energy supplies may take two years to recover, experts have warned.
Energy chief Birol added that this “will vary from country to country – in Iraq, for example, it will take much longer than in Saudi Arabia”.
He warned that are not taking seriously enough the effects of a the Strait of Hormuz being shut for a long time.
Although many shipments were already out of the Middle East and on their way across the world when the war broke out, those tankers have now arrived at their destinations.
Birol explained: “But no new tankers were loaded in March. There were no new deliveries of oil, gas or fuels to Asian markets.
“This gap is now becoming apparent. If the Strait of Hormuz is not reopened, we must prepare for significantly higher energy prices.”
He added that the IEA was ready to act immediately and decisively after it released a huge 400 million barrels of oil from its reserves last month.
It comes as , as vital supplies remain blocked by the war in Iran.
Mass flight cancellations will begin “soon” if the Strait of Hormuz remains closed, he said.
Birol’s deadline means airports could face critical fuel shortages by May, causing travel chaos for Brits heading abroad during the school
Trump has Iran war is ‘close to over’, with hopes that a deal could be secured soon Credit: Getty
It comes after a temporary ceasefire was agreed between Trump and Iran Credit: Shutterstock Editorial
A number of have already warned that they were running out of fuel.
And its service from to Jeddah in from April 24.
A to avoid spiralling costs.
is the latest to confirm that it would be cutting five per cent of flights – around 250 a month – in the second and third quarters of 2026.
It comes as a former government advisor warned Brits should be preparing for World War Two-style food rationing with shortages of as well as expected.
Eze Chidiebere Paul
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