Arabic version: حرب إيران تضغط على طرق الطاقة العالمية

According to Al Jazeera, the US-Israel war on Iran has disrupted energy flows, sharpened concerns over energy security and added pressure to key shipping routes. The 25th World Petroleum Council Energy Congress has begun in Riyadh despite an attack on King Khalid International Airport that Saudi Arabia’s General Authority of Civil Aviation said killed 12 people and injured 309.

Riyadh Energy Week is due to run until Thursday, with the 17th International Energy Forum Ministerial held alongside the congress. Italy, an IEF cohost, will participate by videolink, while Nigeria, the other cohost, is sending a representative. The forum brings together 68 countries accounting for more than 90 percent of global oil and gas supplies and demand.

Fossil fuels still account for nearly 81 percent of global energy consumption, led by oil at 31.4 percent, coal at 25.9 percent and natural gas at 23.5 percent. The Middle East is the largest oil-producing region, while North America is the largest natural gas producer. Before the war, about 27 percent of global seaborne oil trade and almost 20 percent of liquefied natural gas trade passed through the Strait of Hormuz.

Traffic has also been reduced through the Bab al-Mandeb strait and the Suez Canal, sending some shipments on longer routes around Africa. Richard Matthews of Gibson Shipbrokers said the Strait of Hormuz has no alternative maritime route, though some pipelines exist. Import-dependent countries face higher prices and longer waits, while emergency stocks are being drawn down. The International Energy Agency released a record 400 million barrels in March and is preparing another 100 million barrels of crude and diesel.