Head of world’s energy watchdog says it will take time for markets to recover from ongoing crisis in strait of Hormuz

The world’s energy watchdog will consider releasing further emergency crude stocks into the global market to cool rising oil prices after warning that it will take time for markets to recover from the ongoing crisis in the strait of Hormuz.

Fatih Birol, the head of the International Energy Agency, said its members continued to hold large reserves of emergency oil stocks even after agreeing to the biggest release of government crude in the history of the market, meaning more emergency oil reserves could still be released “as and if needed”.