IEA Warns War Damage Could Delay Oil, Gas Recovery for Two Years

It could take up to two years to restore a meaningful share of oil and gas production lost to the Iran war, says IEA chief Fatih Birol. The damage across the Persian Gulf and a largely closed Strait of Hormuz have removed hundreds of millions of barrels from the market, with spot crude approaching $150, and reopening shipping won’t quickly revive output—facilities must be repaired and restarted, a process that could take longer than two years for some LNG terminals. The disruption is already dampening demand, with Asia and Africa likely to feel the impact hardest as energy-importing economies grapple with higher prices and inflation.