Over 40 Middle East energy assets have been “severely or very severely” damaged, International Energy Agency chief Fatih Birol said, prolonging global supply disruptions. The conflict has nearly closed the Strait of Hormuz, pushing crude, gas, and fuel prices higher. Birol warned that oil, gas, and key commodities like petrochemicals, fertilizers, sulfur, and helium face interrupted trade, hitting the global economy. Asia, heavily reliant on regional crude, is most exposed, and export restrictio

Over 40 Middle East energy assets have been “severely or very severely” damaged, International Energy Agency chief Fatih Birol said, prolonging global supply disruptions. The conflict has nearly closed the Strait of Hormuz, pushing crude, gas, and fuel prices higher. Birol warned that oil, gas, and key commodities like petrochemicals, fertilizers, sulfur, and helium face interrupted trade, hitting the global economy. Asia, heavily reliant on regional crude, is most exposed, and export restrictions may draw international criticism.