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Benzinga
  • 1 day ago
The IEA warned Europe has roughly six weeks of jet fuel remaining as the Iran war blocks oil supplies through the Strait of Hormuz. IEA Executive Director Fatih Birol called it the largest energy crisis ever faced, warning of higher gasoline, gas, and electricity prices globally. Developing countries in Asia, Africa, and Latin America face the hardest impact, followed by Europe and the Americas.
Transcript
00:00It's Benzinga, bringing Wall Street to Main Street.
00:02The International Energy Agency warned that Europe has about six weeks of jet fuel remaining
00:07as the Iran war blocks oil supplies through the Strait of Hormuz,
00:11raising the risk of flight cancellations soon.
00:13According to the Associated Press, IEA Executive Director Fatih Barol said the disruption has
00:19triggered what he called the largest energy crisis ever faced. He said the impact will
00:24drive higher gasoline, gas, and electricity prices. He warned that the crisis will weigh
00:29on global growth and inflation if it continues.
00:32Barol said, developing countries in Asia, Africa, and Latin America will be hit hardest,
00:37followed by Europe and the Americas. He also warned against Iran's toll system for ships,
00:42saying it could set a precedent for other global waterways.
00:45For all things money, visit Benzinga.com.
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