IEA’s Birol Says Iran War Will Permanently Cut Into Future Oil Demand

International Energy Agency chief Fatih Birol says the Iran war has permanently changed the fossil fuel industry and will accelerate a shift toward renewables, nuclear power and electrification at the expense of oil demand. That is a bold claim in the middle of an oil crisis that has Brent trading above $105 a barrel and physical supply still constrained. Birol told The Guardian that the damage to confidence in fossil fuel security is permanent, and that countries exposed to the Strait of Hormuz disruption will rethink how much geopolitical risk…