IEA Warns World Has Just Weeks to Avoid Hormuz Economic Shock
The world has just a few weeks before taking an economic toll from the re-escalation in the Middle East and the new halt to tanker traffic through the Strait of Hormuz, according to Fatih Birol, the Executive Director of the International Energy Agency (IEA). The situation in the region has sharply
Source: OilPrice.com
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DW NOTE
The Strait has been shut for three days. The IEA's warning about "weeks to avoid" an economic shock treats the disruption as theoretical when roughly 21 million barrels per day of crude and condensate normally transit that channel. Oil is up 9% this week but still down 28% from annual highs — which tells you markets are pricing Hormuz as a temporary political manoeuvre, not a supply crisis. If they're wrong, the IEA's timeline isn't generous, it's late.