IEA Warns of Long-Term Energy Market Disruptions

The International Energy Agency (IEA) has warned that global energy markets may not return to conditions seen before the Iran war in 2027. This statement was made by IEA Executive Director Fatih Birol on October 26, 2026, during the Singapore International Energy Week conference.

The ongoing conflict, which began in late February, continues to disrupt oil and gas supplies, leading to increased energy prices worldwide. Following renewed Houthi attacks in Saudi Arabia, Brent crude futures reached $117 per barrel, the highest in nearly six months, remaining approximately 59% above pre-war levels.

Birol emphasized the need for governments and businesses to prioritize energy security amid prolonged market uncertainty. The IEA also noted a resurgence in nuclear energy investment, with 90 gigawatts of nuclear power capacity currently under construction globally.

The rise in oil prices is impacting economies reliant on imported petroleum, widening trade deficits and increasing import expenditures. Measures have been introduced to alleviate supply shortages and mitigate rising fuel prices.