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The head of the International Energy Agency (IEA), Fatih Birol, has said that the complete and unconditional reopening of the Strait of Hormuz to Gulf tanker traffic remains vital to easing the impact of high oil and gas prices on economies worldwide.
“The single most important solution to this problem is the fully and unconditionally opening up of the state of Hormuz to shipping,” Birol told a press conference.
Iran effectively suspended tanker movements through the Strait of Hormuz after launching retaliatory measures in response to US and Israeli strikes carried out in late February.
The disruption severely affected oil and gas exports through the strategic waterway, driving crude prices sharply higher.
The agreement between Iran and the United States aimed at ending the conflict in the Middle East includes provisions to reopen the strait. However, Iranian officials have indicated that ships using the route could face tolls or “service fees” for passage through the key channel for Gulf energy exports.
Birol welcomed the agreement, describing it as “great news” that would help reassure global markets.
“The crisis has started almost four months now,” the IEA chief said, noting the prolonged impact of the disruption. He has previously likened the consequences of the crisis to those of the major oil shocks of the 1970s.
To help stabilise energy supplies, the IEA coordinated the release of hundreds of millions of barrels of oil from emergency reserves held by its 32 member countries.
The agency reported in May that about 164 million barrels had already been released from those strategic stockpiles.
