IEA says 40 Middle East energy sites ‘severely’ damaged, could keep prices higher for longer
By Taylor Herzlich
Published on March 23, 2026.
The head of the International Energy Agency (IE), Fatih Birol, has stated that at least 40 critical energy assets across nine countries in the Middle East have been severely damaged, threatening to keep oil prices higher for longer even if the war in Iran ends soon. The IEA estimates that it will take time to repair damages incurred at oil and gas fields, refineries and pipelines since the war began on Feb. 28. The world is already facing the worst-ever energy supply disruption as Iran maintains its blockade of the Strait of Hormuz, a vital maritime route for 20% of the world's oil supply. The International Energy Association has approved a historic release of 400 million barrels of oil from its reserves, and is prepared to issue another emergency release of oil if needed.
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