IEA Director warns that if the Strait of Hormuz crisis persists, the global economy will face renewed risks

格隆汇 July 16｜International Energy Agency (IEA) Director Fatih Birol has warned that if the conflict disrupting transportation through the Strait of Hormuz is not resolved within weeks, the global economy will once again face challenges. In an interview during the Aspen Security Forum in Colorado on Wednesday, Birol said that an escalation of the US-Iran conflict could disrupt transportation of crude oil, fertilizers, natural gas, and other goods through this critical waterway, making "markets tense and uneasy" and facing "great uncertainty." "If the Strait of Hormuz continues to be closed, the global economy—including the Middle East, developing countries, and Asia—could once again face some difficulties," Birol noted. "The window to resolve the crisis is measured in weeks, not months," and the strait must be "completely open, unconditionally open." Birol stated that the disruption of energy and raw material shipments from the Persian Gulf has already affected economies like South Korea and Japan, but countries such as Bangladesh, Pakistan, and India are less able to withstand such supply risks and face even greater dangers.