International warning: Middle East oil disruptions threaten Europe in April
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The International Energy Agency has warned that oil supply disruptions from the Middle East are set to worsen in April, raising the likelihood of a direct hit to Europe’s economy after weeks of severe turbulence in global energy markets. IEA Executive Director Fatih Birol said losses in April are expected to be roughly double those recorded in March, with the impact spreading from Asia toward Europe.
According to the agency, more than 12 million barrels of oil have already been lost since the regional crisis began. The closure of the Strait of Hormuz, combined with damage to key energy assets in the Middle East, has tightened supplies further. Birol said the most immediate shortages are in jet fuel and diesel, which are already affecting Asian markets and could reach Europe in April or May.
European officials are already preparing for a deeper and longer shock. EU Energy Commissioner Dan Jorgensen said the bloc is considering reviving some of the emergency tools used during the 2022 energy crisis, including options linked to electricity tariffs and taxes if disruption persists.
Markets remain volatile even after oil pulled back on Wednesday. Brent crude traded around $102.91 a barrel as hopes of a political de-escalation tempered prices, but analysts still warned that normal flows through the Strait of Hormuz may take time to recover. A European Central Bank policymaker also said Europe could face recession if the crisis drags on and oil rises above $150 a barrel.
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Tahani Elghazaly5258 Posts
