IEA Director says Strait of Hormuz must be unconditionally reopened; global energy landscape has been redrawn due to crisis

(1) The IEA Director on Thursday welcomed the temporary agreement between the United States and Iran to end the war and called for the unconditional reopening of the Strait of Hormuz to ensure all parties have confidence in its security. (2) Birol pointed out that several countries are reassessing their energy policies because Iran closed this waterway during the war and may do so again in the future, emphasizing that trust is crucial in the global energy market. (3) This crisis has reshaped the global energy landscape, and the IEA will discuss new strategies with multiple countries. Although prices have fallen since the peace agreement was reached, all parties will closely monitor the details of the agreement and follow-up negotiations. (4) Birol described the current situation with the metaphor "the vase is broken," stating that all involved parties are aware that the Strait of Hormuz was closed once and could be closed again. (5) The IEA estimates that since the United States and Israel launched strikes against Iran on February 28, the war has blocked over 14 million barrels per day of Middle Eastern oil production.