Hormuz blockade hits global energy

The IEA has slashed its forecast for oil demand as the conflict in the Strait of Hormuz continues to roil commodity prices and threaten supply chains.

Executive Director Fatih Birol stated that the crisis will "redraw the global energy map," forcing countries to seek alternative sources and accelerate the transition to renewables.

Major economies in Asia and Europe are already feeling the impact, with jet fuel prices doubling and some airlines preparing to ground fleets.

The agency emphasized that even if the conflict were to end immediately, it would take weeks for production and shipping to return to pre-war levels.