The Director of the International Energy Agency warns that energy markets will not return next year to the situation before the war in Iran

Global energy markets will not return next year to the situation before the outbreak of the war in Iran at the end of February, Fatih Birol, director of the International Energy Agency (IEA), warned on Monday. He called on governments and companies to treat energy security as their number one priority.

The conflict has disrupted global energy flows and fueled a rise in oil and refined product prices, although the market was expected to post a surplus this year. Brent crude futures rose to $117 a barrel on Friday following new attacks by Yemen’s Houthi rebels in Saudi Arabia. On Monday, the price remained approximately 59% above its pre-war level.

Birol also drew attention to pressures that could emerge during the cold season, particularly on diesel demand and gas prices. Reduced European imports of Russian gas, along with lower exports from Qatar and the United Arab Emirates, is amplifying market risks.

At the same time, the IEA chief expects a strong revival of nuclear power. Worldwide, plants with a total capacity of 90 gigawatts are under construction, the highest level in four decades.