International Energy Agency warns of rising energy prices if Strait of Hormuz closure continues

Fatih Birol, the executive director of the International Energy Agency, warned of rising oil and gas prices, and of jet fuel running out in Europe within six weeks if the Strait of Hormuz remains closed. In an interview with the Associated Press, Birol described the closure of the strait as the biggest energy crisis the world has ever seen, warning that developing countries in Latin America, Africa, and Asia would be the most affected, with many countries likely to transition from high inflation to recession if the strait is not opened by the end of May. Birol noted that allowing more than 110 oil tankers and 15 armed natural gas carriers to pass through the strait is not enough to resolve the crisis, especially since more than 80 of the assets are...