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International Energy Agency Chief Fatih Birol has warned that the world is soon running out of buffer to keep energy prices at current levels as fuel prices continue to face relentless pressure from the US-Iran conflict.
Speaking to Al Jazeera Birol said, "I really hope that both of the straits will be unconditionally opened sometime soon; otherwise, in the energy world, we dont have much more buffer zones to still keep the prices at a certain level as we have today. Birol's warning comes even as the US President Donald Trump on Thursday signalled that Washington could intensify its pressure campaign in Iran if necessary. "This should have been done a long time ago by other Presidents. We've knocked the hell out of them, and we may go a little further," Trump said. Earlier on the Truth Social platform, the US President launched a blistering attack against Tehran, accusing the Iranian leadership of manufacturing crises to artificially hike global crude oil prices ahead of the upcoming United States midterm elections and reaffirming that Iran must never be allowed to acquire nuclear capabilities. "Iran is doing everything they can to drive up the price of Oil prior to the U.S. Midterm Election. They are even making up fake hits, mines, and everything else, because more Oil is coming through the Hormuz Strait now than it did even prior to the beginning of the Conflict. They continue to kill protestors, and anyone else that happens to be in their way. It is truly an Evil Regime, and I can only hope the American Public, and the World, understands how EVIL they are! 75,000 protestors lie dead in less than seven months," the US President claimed. Meanwhile, speaking to Al Jazeera Birol also warned that Europe is entering winter with significantly low gas reserves and cannot withstand further supply shocks The best day for a ceasefire would have been yesterday...Normally before the winter, European countries have a lot of gas stocks, but the gas stocks we have while we are entering this winter are much lower than historical averages, he told Al Jazeera. I think if we have a harsh winter, we may see higher prices of natural gas in Europe...Life will not be easy for Europe this year and also next year, he added. Gas prices in Europe have been under a double barrelled attack with the West Asia conflict and the continuing standoff between Ukraine and Russia pushing prices. (ANI)
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