The head of the International Energy Agency, Fatih Birol, stated that more than 40 energy assets across nine Middle Eastern countries have suffered "severe or very severe" damage due to ongoing conflict, which could prolong global supply chain disruptions even after hostilities cease.

Speaking at the National Press Club in Canberra, Australia, on Monday, Birol noted that the extent of the damage implies that oil fields, refineries, and pipelines will require considerable time to resume normal operations.

The conflict, now in its fourth week, has disrupted the entire energy supply chain in the region, nearly completely blocking the vital Strait of Hormuz and causing sharp increases in the prices of crude oil, natural gas, and refined fuels. Birol described the current turmoil as comparable to the combined impact of the two major oil crises of the 1970s and the natural gas crisis triggered by the Russia-Ukraine conflict in 2022.

He emphasized that not only oil and gas, but also critical global economic resources—such as petrochemicals, fertilizers, sulfur, and helium—have seen their trade severely interrupted, which will have serious consequences for the world economy.

Birol pointed out that Asia is on the front lines of this crisis due to its heavy reliance on crude oil from the Middle East.

In early March, the International Energy Agency announced it would release a record 400 million barrels of emergency petroleum reserves to help alleviate supply shocks and price spikes resulting from the Middle East conflict.

Birol indicated that if the conflict further disrupts global energy markets in the coming days or weeks, additional oil reserves may be released as needed. However, he stressed that with shipping through the Strait of Hormuz nearly at a standstill, the only real solution to address fuel supply interruptions is the reopening of this major trade route.