Global energy markets may remain unstable through 2027 as Middle East tensions threaten oil supplies, International Energy Agency chief Fatih Birol warned, according to CNN. Brent crude was trading above $111 per barrel on Tuesday, amid concerns that the US-Iran conflict could escalate.
The crisis extends beyond crude prices. Diesel costs have doubled compared with pre-war levels, reflecting the conflict and attacks on Russian refineries. Seasonal demand increases and planned refinery maintenance could tighten supplies further, Birol said.
The IEA remains prepared to release additional emergency reserves if necessary. Member countries agreed to release 400 million barrels in March, with 80% already delivered to markets. They retain approximately 1.6 billion barrels in reserve, according to Birol.
Related Tweet:
Trump won't like this... Oil is about to reach its highest level since the war began. The Houthis are blowing up Saudi energy infrastructure while Iran is blowing up ships... No one is believing the latest psyop that peace is imminent. As the midterms approach, Iran and its allies are tightening the screws. The last US inflation print was bad... but it will get worse. Brace for inflation.
— Lukas Ekwueme (@ekwufinance) October 20, 2026
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