Fatih Birol says oil prices may remain volatile through 2027
Business
Oil prices are likely to stay unpredictable through 2027, says Fatih Birol, head of the International Energy Agency.
Ongoing tensions in West Asia, especially US and Israeli strikes on Iran, have kept oil above $100 a barrel, way up from under $70 before the conflict.
IEA releases up to 400 million barrels
To help steady things, the IEA is releasing up to 400 million barrels from strategic reserves held by member countries.
But Birol points out that all this focus on global tensions is making it harder for leaders to tackle climate change.
Plus, Iran's grip on tanker routes has driven up transport insurance costs even though oil flows have reportedly returned to prewar levels in recent weeks.