Oil prices will soon reflect crisis, IEA says [View all]

Oil prices don’t yet reflect the severity of the unprecedented supply crisis caused by the Iran war, but they soon will, the head of the International Energy Agency said.

About 13 million barrels a day of oil supply have been shuttered by the conflict and the near-closure of the Strait of Hormuz, IEA Executive Director Fatih Birol said at an event hosted by the Atlantic Council.

More than 80 energy facilities have been damaged during the hostilities, and a recovery could take as long as two years, he warned.

https://www.bloomberg.com/news/articles/2026-04-13/oil-prices-will-soon-converge-to-reflect-crisis-iea-chief-says?leadSource=reddit_wall