Birol, in a Financial Times interview, said politicians and markets were underestimating the scale of the disruption, with ‌around one-fifth ⁠of global oil and gas supplies effectively stranded ‌in the region. Oil prices have swung on average by more than $10 a day since the war began, with open attacks on energy infrastructure heightening volatility. “The long shadow of the energy crisis is far from lifted,” said Hebe Chen, a senior market analyst at Vantage Global Prime in Sydney. The risk of a global inflation shock has also complicated the policy outlook for global central banks. Investors in bond markets around the world are rushing to bet on higher interest rates amid the jump in energy prices.

Source: The Irish Times March 20, 2026 15:48 UTC