Today’s high oil prices do not reflect the gravity of the threat to global energy markets from the Iran war and could rise much higher if the Strait of Hormuz does not re-open, Fatih Birol, the head of the International Energy Agency, said on Tuesday.
“The prices are, in my view, they do not reflect the current situation we are in,” Birol told the Semafor World Economy conference in Washington. He said if the Strait of Hormuz is not opened to the free flow of oil and gas the world could see much high prices than levels of nearly $100 a barrel today.
(Reporting by Timothy Gardner)