The International Energy Agency warns that oil and gas disruptions in the Gulf could be record-breaking, with recovery potentially taking up to six months.

The International Energy Agency (IEA) warned on March 20 that the ongoing conflict involving Iran could trigger the largest supply disruption in the history of the global oil market, with normal oil and gas flows in the Gulf region potentially taking about six months to recover. IEA Executive Director Fatih Birol stated that policymakers and markets have underestimated the severity of the crisis, and that supply-side measures alone are insufficient to stabilize the market. The IEA recommends that countries immediately initiate demand-side actions, including expanding remote working, reducing highway speeds, implementing odd-even license plate restrictions for private vehicles, promoting public transportation and shared mobility, optimizing energy use in industry and households, and restricting air travel that can be replaced by rail, to alleviate price and supply pressures during periods of disruption.