The ongoing escalation of the Israeli-Palestinian conflict could have a detrimental impact on the oil market and energy security worldwide, International Energy Agency (IEA) Executive Director Fatih Birol said on Tuesday.
"This year is the 50th anniversary of the first oil shock, which had devastating effects for the global economy. And yet, we are today facing a major geopolitical crisis in [the] Middle East that could shock oil markets once again and deeply," Birol said, presenting the World Energy Outlook 2023.
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