BAKU, Azerbaijan, July 10, The International Energy Agency (IEA) has warned that renewed fighting between the United States and Iran could prolong the global energy crisis and delay recovery in oil markets.
In its latest monthly oil market report, the Paris-based agency said the return of hostilities poses a major risk to hopes for a rapid stabilisation of energy markets.
The warning came as a temporary reduction in military activity between US and Iranian forces appeared to create an opportunity for renewed diplomatic efforts, although officials cautioned that the US military remains prepared to resume operations.
The IEA said global oil demand is expected to decline this year for the first time since 2020, as the conflict continues to disrupt energy production and exports across the Middle East.
The agency highlighted concerns over the impact of prolonged instability on supply chains, prices and global energy security.
