Lates News

According to the Associated Press, the head of the International Energy Agency (IEA), Birol, said in an interview on Thursday that Europe's aviation fuel supply "may only last for about 6 weeks" and warned that if oil supplies continue to be blocked due to the Iran war, flight cancellations could occur "very soon." He referred to the crisis in the Hormuz Strait as the "largest energy crisis in history." Birol said, "There used to be a band called 'The Strait of Terror.' Now this has become a real 'Strait of Terror' that will have a significant impact on the global economy. The longer this situation continues, the greater the negative impact will be on global economic growth and inflation." Birol stated that this will push up prices for gasoline, natural gas, and electricity, affecting countries including Japan, South Korea, India, Pakistan, and Bangladesh that rely on Middle East energy, and then spreading to Europe and America. If the strait does not reopen, some flights in Europe may be cancelled due to oil shortages.