What did IEA head Fatih Birol mean by saying energy markets are headed into 'troubled waters' amid the Iran war?

Fatih Birol, head of the International Energy Agency, used the phrase 'troubled waters' to describe escalating volatility and instability in global energy markets caused by the Iran war, which has knocked out millions of barrels of oil supply daily and effectively shut the Strait of Hormuz—a critical trade choke-point—since late February.

What specific actions or recommendations did Fatih Birol propose for Canada in response to the Iran war's impact on energy markets?

Birol urged Canada—the world's fourth-largest oil producer—to find new destinations for its oil production, noting that other countries seeking alternative energy trade partners after the Iran war would likely view Canada as an 'obvious' choice.

Energy Markets Headed Into 'Troubled Waters' Amid Iran War, Head of IEA Says

May 7, 2026

IEA head Fatih Birol warns global energy markets face volatility due to Iran conflict disrupting oil supplies, urging Canada to seek new trade partners. The agency stands ready to release strategic reserves if supply disruptions persist.

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