A report highlights Southeast Asia's vulnerability due to oil and gas reliance via the Strait of Hormuz, exacerbated by the Iran war. Rising energy import bills and inflation are noted, with calls for diversification and reforms to avoid a tripling of costs by 2035.
The International Energy Agency's executive director Fatih Birol has warned that the oil crisis triggered by the US-Israel war on Iran has permanently changed the global fossil fuel industry, with countries set to lose trust in oil and demand set to reduce. In an exclusive Guardian interview, Birol urged the UK to abandon plans for new North Sea fields including Jackdaw and Rosebank, saying they would not improve energy security or lower bills. He said the crisis was bigger than all previous crises combined and would have permanent consequences.
The head of the International Energy Agency warns the closure of the Strait of Hormuz has created the biggest energy security threat in history, with 13 million barrels per day of oil lost. The vital maritime passage is under double-blockade by Iran and the U.S., cutting off 20 million barrels previously shipped daily. Europe faces an imminent jet fuel crunch as 75% of its supplies from Middle East refineries have dried up, potentially requiring air travel reductions.
