Turkish economist, energy expert and executive director of the IEA since 2015
The US‑Israel war on Iran has pushed energy, fertilizer and transport costs higher and forced global agencies to cut growth forecasts. The OECD and other groups have reduced 2026 growth projections, UNICEF has reported soaring freight bills and delivery delays, and US consumer sentiment has ticked up slightly as gas prices ease (15 June 2026).
A sustained energy shock tied to conflicts in the Middle East and rising oil prices has accelerated a move away from fossil fuels. Governments and producers are rushing to diversify energy sources, expand renewables and prepare for a future of higher energy costs and new geopolitical dynamics.
The US has carried out repeated air and naval strikes across Iran to degrade Tehran's ability to threaten shipping in the Strait of Hormuz. Iran has responded with missile and drone attacks on US bases and Gulf allies, and the IRGC has warned civilians near US forces to stay away; the exchanges have closed much of the strait and pushed oil prices higher.
Growing pressure surrounds North Sea developments as Labour’s Burnham weighs policy changes. Rosebank and Jackdaw face regulatory reviews and environmental scrutiny, while the EPL windfall tax looms over investment. Officials caution against early approvals as consultations wrap up, with debates centring on energy security, jobs, and climate impacts.
Oil prices have risen this week after U.S. officials narrowed a waiver to the Jones Act for energy shipments and data showed U.S. crude stocks have fallen to multi-decade lows. Traders are parsing mixed statements from Washington and Tehran about talks to reopen the Strait of Hormuz while reparations demands have emerged, keeping markets volatile on 11 Aug 2026.