The International Energy Agency (IEA) Executive Director Fatih Birol warned that global energy security could face growing risks if the US and Iran fail to restore oil flows through the Strait of Hormuz in the coming weeks, according to Reuters.

Speaking at a Council on Foreign Relations event, Birol said oil security remains a critical concern and cautioned that prolonged disruptions at the strategic waterway could have serious implications for global energy markets.

The Strait of Hormuz, which normally carries around one-fifth of global oil and gas shipments, has remained largely blocked since the conflict between Iran and Israel, involving US strikes on Iran, escalated on February 28.

Birol noted that several factors have helped limit the increase in energy prices, including China’s oil stockpile of more than 1 billion barrels before the conflict, reduced oil demand driven by greater electric vehicle adoption and public transport use, and the IEA’s coordinated release of up to 400 million barrels (mmbl) of oil from emergency reserves. However, he stressed that these measures are temporary and cannot be sustained indefinitely.

He added that higher oil production in the US, the world’s largest oil and gas producer, has also supported global supply, although the country cannot fully offset the scale of potential supply disruptions.

According to Birol, the supply crisis has affected economies unevenly, with Asian countries experiencing the greatest impact due to their heavy reliance on energy shipments through the Strait of Hormuz. He noted that while Japan and South Korea have been affected, developing economies such as Pakistan, Bangladesh, and India have faced the most severe consequences.

Birol also warned of potential public health risks in developing countries, where rising petroleum product prices have forced many households to rely on traditional fuels such as wood and animal dung for cooking, increasing exposure to harmful emissions.

He added that the IEA’s emergency stock release helped reduce oil prices by about $20 per barrel and demonstrated the agency’s ability to release additional reserves if market conditions deteriorate further, noting that most of the organization’s emergency stocks remain available if needed.