International Energy Agency: 115 countries have taken measures to adapt to the repercussions of the war

The International Energy Agency (IEA) announced that more than 115 countries have taken measures to adapt to the repercussions of the Iran war and the closure of the Strait of Hormuz, in an effort to mitigate the impact of energy supply disruptions.

In response, 30 countries have announced long-term policies to reduce reliance on fossil fuels, through energy efficiency programs, the expansion of electric vehicles, and incentives for the use of renewable energy.

IEA Executive Director Fatih Birol warned that the situation in the Strait of Hormuz is heightening concerns about oil supply security and market uncertainty, while also pointing to mitigating factors.

The IEA noted that gasoline and diesel markets are still experiencing supply shortages, driven by declining inventories, rising demand during the summer travel season, and disruptions in oil product shipments linked to Russia and the Middle East.

The IEA cautioned that any new escalation in geopolitical tensions, particularly in the Middle East, could once again strain supply chains, as markets continue to absorb the effects of shipping and refining disruptions over recent months.