Dhaka, Jul 17 (V7N)- International Energy Agency (IEA) Executive Director Fatih Birol has warned that global energy security could face serious risks if oil flows through the Strait of Hormuz are not restored quickly amid ongoing tensions between the United States and Iran.
Speaking at an event hosted by the Council on Foreign Relations on Thursday, Birol said the world should be concerned if the situation in the Strait of Hormuz does not improve within the next few weeks.
"If the situation in Hormuz does not improve quickly, the world should be concerned about energy security. Oil security is still a serious issue. If the situation does not improve in the next few weeks, we should be concerned, and I am concerned about that," Birol said.
The warning comes as tensions surrounding the strategically vital waterway continue to escalate. The Strait of Hormuz carries a significant share of the world's seaborne oil exports, making it one of the most important energy transit routes globally.
Meanwhile, renewed tensions have also cast uncertainty over a memorandum of understanding (MoU) signed between the United States and Iran about a month ago, which was intended to reduce regional tensions.
According to Al Jazeera, recent US strikes have increasingly targeted infrastructure in Iran's coastal regions, including attacks on two bridges. Iran has maintained its decision to keep the Strait of Hormuz closed, accusing Washington of failing to uphold its commitments under the memorandum.
Iranian state-linked Fars News Agency reported that the death toll from a US strike on the Bandar-e Khamir bridge in Hormozgan province has risen to seven.
The Iranian military also claimed it had carried out a retaliatory strike on a US military base in Jordan, further heightening concerns over the growing regional conflict.
Analysts warn that any prolonged disruption to shipping through the Strait of Hormuz could significantly impact global oil supplies, fuel prices and overall energy security.
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