IEA assesses energy security implications due to Middle East crisis
The IEA is closely monitoring the situation in the Middle East, warning that while upstream oil production has largely remained stable, disruptions to flows through the Strait of Hormuz have forced some operators to shut in production, significantly affecting regional refined products and LNG.
The International Energy Agency (IEA) reports that oil and natural gas prices surged following the outbreak of hostilities. By 3 March, Brent crude futures had jumped 12% since 27 February, while Dutch TTF, Europe’s benchmark for natural gas, soared more than 70%. Markets for key oil products, including diesel and jet fuel, have been particularly hard
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