International Energy Agency Executive Director Fatih Birol said more than 40 energy assets across nine Middle Eastern countries have been “severely or very severely” damaged by the war, warning that global supply chain disruptions could continue even after the conflict ends.

Birol said over 40 energy facilities across nine Middle Eastern countries have been severely damaged by the war, warning that global supply chain disruptions may persist even after the conflict ends.

More than three weeks of conflict in the Middle East have disrupted the global energy supply chain, effectively restricting flows through the Strait of Hormuz and driving up crude oil, natural gas, and fuel prices.

Birol stressed the impact of the current disruptions is comparable to the combined effect of the 1970s oil crises and the 2022 natural gas crisis that followed Russia’s invasion of Ukraine.

Recall the IEA in early March disclosed that it would release a record 400 million barrels from its emergency oil reserves in an effort to ease supply disruptions and contain rising oil prices caused by the war in the Middle East.

The IEA boss added that additional oil reserves could be deployed if the Iran war continues to disrupt global energy markets in the days and weeks ahead.

However, he noted that with shipping through the Strait of Hormuz nearly halted, the only sustainable solution to the fuel supply disruption is reopening the vital trade route.