IEA warns of risk to energy supplies from escalation of Iran conflict

IEA head Fatih Birol warned there is "no room for complacency on oil security" as hostilities around Iran threaten the Strait of Hormuz and alternative routes through the Bab al-Mandab and Suez, while commercial inventories keep drawing down. Refined products such as gasoline and diesel are tighter than crude, partly offset by higher exports from Saudi Arabia, the UAE, the US and others.