IEA: If Strait of Hormuz Crisis Continues, Global Economy Faces Renewed Risks

Key News on US-Iran Conflict

(Central News Agency, Colorado, July 15 —综合 international reports) Fatih Birol, Executive Director of the International Energy Agency (IEA), stated that if the conflict disrupting shipping through the Strait of Hormuz is not resolved within weeks, the global economy will once again face risks.

According to Bloomberg News, Birol said on the sidelines of the Aspen Security Forum held in Colorado, USA, that escalating tensions between the U.S. and Iran could disrupt the transport of oil, fertilizers, natural gas, and other goods through this critical waterway, leaving markets 'nervous' and facing 'huge uncertainty'.

In the past week, the number of visible vessels in the Strait of Hormuz has significantly decreased due to repeated ship attacks and the U.S. resuming its blockade of Iranian shipping. Saudi Arabia has sharply reduced the volume of oil loaded from the Persian Gulf after a supertanker was attacked. The International Maritime Organization (IMO) has stated that the Strait of Hormuz remains too dangerous for commercial vessels.

Birol said, 'If the Strait of Hormuz remains closed, the global economy may again face difficulties, including in the Middle East, developing countries, and Asian economies.' He emphasized that the Strait must be 'fully and unconditionally open' within 'weeks, not months'.

Birol also noted that disruptions to energy and raw material shipments from the Persian Gulf are already affecting economies such as South Korea and Japan, but countries like Bangladesh, Pakistan, and India are more vulnerable to such supply risks and face even greater threats. (Compiled by Lu Ying-zi) 1150716