Jason Hoover
1.1K posts
OIL PRICES SET TO SKYROCKET: IEA SAYS WAR CRISIS SEVERITY NOT YET PRICED IN Oil prices sit near $100 a barrel after a stunning 64% rally this year. But the International Energy Agency says they still fall far short of reflecting the true scale of the Iran war supply crisis. Executive Director Fatih Birol just delivered the warning everyone needs to hear. THE UNPRECEDENTED SUPPLY CRISIS ➡️ About 13 million barrels a day of oil supply have been shuttered by the conflict and near-closure of the Strait of Hormuz. ➡️ The Paris-based agency calls this the biggest supply disruption in history. ➡️ Over 80 energy facilities lie damaged from the hostilities. THE LONG RECOVERY NIGHTMARE ➡️ Full repairs could take as long as two years. ➡️ IEA members like the U.S., Japan, and Germany already released emergency stockpiles last month to calm markets. ➡️ Yet Birol makes clear this is only a temporary patch. THE PRICE DISCONNECT WARNING ➡️ “Prices are already high, but they are not reflecting the severity of the problem — I agree there is a disconnect,” Birol said. ➡️ “But I think soon we will see they will converge, which is an extremely sensitive issue for the global economy.” ➡️ That convergence is coming fast. THE BOTTOM LINE The IEA has confirmed what markets refuse to fully accept: current oil prices ignore the historic damage and massive ongoing losses from the Iran war. The global economy is about to feel the real cost. #OilCrisis #IEAWarning #IranWar #OilPrices #SupplyShock #StraitOfHormuz #EnergyCrisis
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