Symbolic imageBrent eases from six-month high as Iran risk keeps energy markets tight
Brent eased from a six-month high on Monday. IEA chief Fatih Birol sees no normalisation of energy markets before 2027.
Reuters reported oil down almost $1 in early trading as Asian shares made a cautious start, while Bloomberg said traders were weighing Iran risks. In an interview published by FAZ on Sunday, 25 October, Birol put Brent at just under $120 a barrel and said diesel costs twice its pre-war level. He sees no plausible path to normalisation. He welcomed efforts by Saudi Arabia and the UAE to diversify export routes around the Strait of Hormuz, and the revival of nuclear power.
Europe's winter worry
Asked whether Europe will get safely through the winter, Birol said he is not sure. Gulf gas imports remain interrupted and storage is low, and he expects LNG competition between Europe and Japan, Korea and China to push prices up. "We can only hope it will not be too severe a winter," he said.
Gulf bourses slip
Gulf stock markets fell on Sunday as clashes between the Houthis and Saudi Arabia rattled investors, according to a Reuters headline.