Oil Crisis Just Changed Fossil Fuels Forever, IEA Chief Warns as Brent Tops $110
Brent crude rose to $111.22 a barrel Tuesday as disruption in the Strait of Hormuz continued after stalled U.S.-Iran talks. IEA chief Fatih Birol warned the crisis has permanently damaged trust in fossil fuels and poses major risks to global energy security. Asia’s crude imports are set to fall 22% in April, hitting a 10-year low. The IEA expects global oil demand to contract by 80,000 barrels per day this year.