Gate News message, April 16 — Fatih Birol, head of the International Energy Agency, warned that Europe’s aviation fuel reserves could last only about six weeks, with many flights potentially forced to cancel soon if Middle Eastern turmoil continues to disrupt oil supplies.
Birol attributed the root cause to disruptions in oil, natural gas, and other critical supplies through the Strait of Hormuz, a key shipping corridor. Restrictions on this vital waterway would have far-reaching consequences for the global economy, with longer disruptions amplifying negative impacts on economic growth and inflation. The effects are notably uneven, with developing nations—particularly low-income countries in Asia, Africa, and Latin America—facing disproportionate harm.
Even if a ceasefire or peace agreement is reached, Birol noted that damaged energy infrastructure in the Middle East would be difficult to restore quickly.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Spain's Repsol Regains Control of Venezuelan Oil Assets, Plans 50% Production Increase Within 12 Months
Repsol has reestablished control over its Venezuelan oil assets following a deal with the government, planning to boost production by 50% in the next year despite previous U.S. sanctions that had limited its operations.
GateNews1h ago
Congo Establishes Strategic Cobalt Reserve, Withholding 9,600 Tons From Global Market in 2026
Congo has established a strategic reserve for cobalt and critical minerals, mandating that 10% of cobalt exports be set aside for state purposes. This move allows the government to better manage the global cobalt market and complements existing export quotas.
GateNews3h ago
Hong Kong Monetary Authority: Middle East Tensions Have Limited Impact on Banking Sector
Eddie Yue from the Hong Kong Monetary Authority states that Hong Kong's banking sector faces limited risk from Middle East tensions, though rising oil prices may impact energy-sensitive sectors. There's no increase in SME assistance requests, and the authority continues to monitor the situation. The anticipated 19.3% default rate for a special loan scheme is being managed through standard collection procedures.
GateNews4h ago
US Ends Oil Waivers for Iran and Russia, Threatens Secondary Sanctions on Buyers
The Trump administration will not renew sanctions waivers for Iranian and Russian oil, prompting threats of secondary sanctions against countries, particularly China, buying Iranian oil. This decision ends efforts to stabilize global oil prices amidst ongoing Middle East tensions.
GateNews5h ago
Fed’s Goolsbee warns rate cuts may be delayed until 2027 on Iran war oil shock
Austan Goolsbee warns that high oil prices from the Iran war may prevent the Federal Reserve from cutting interest rates until 2027, prolonging inflation above the 2% target and leading to a "higher for longer" interest rate scenario.
Cryptonews5h ago
TotalEnergies Q1 Earnings Expected Strong Amid Oil Price Surge, Trading Business Surges
TotalEnergies anticipates strong first-quarter results driven by rising energy prices and increased production outside the Middle East, despite Iran conflict impacts. The company expects growth in oil and gas output and trading, against potential supply disruptions.
GateNews7h ago
