One of the consequences of the Middle East conflict and the crisis around the Strait of Hormuz could be a reshaping of the global energy map, head of the International Energy Agency (IEA) Fatih Birol said.
"The Strait of Hormuz has lost its former reliability. The current crisis could lead to a reshaping of the global energy map. The era when the global economy was inextricably linked to a single strait will soon be a thing of the past," Fatih Birol said.
He stressed that even if everything returns to normal tomorrow, high prices and volatility in the markets will have long-term consequences, the business newspaper Dunya reported.
In his view, the escalation of tensions in the Middle East is leading to structural disruptions in global energy markets that go beyond temporary fluctuations.
The IEA chief recalled that in March the IEA announced a decision to release 400 mln barrels of oil from strategic reserves to stabilize the market and offset supply disruptions caused by tensions in the Middle East.
According to Birol, it could take at least two years to stabilize energy markets.
