Fatih Birol, executive director of the International Energy Agency, was surely right when he recently declared that global perceptions of the risk and reliability of fossil fuels would alter because of the unresolved Middle East war.
Nobody can yet say how long it will take to unblock the Strait of Hormuz, through which about 20 per cent of the world’s oil and fossil gas transits in peacetime. Nor can we tell how much more damage will be done to the region’s energy production and port capacity before the conflict formally ends.
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