International Energy Agency (IEA) Executive Director Fatih Birol has cautioned that global energy security will remain under threat unless oil shipments through the Strait of Hormuz increase.
Speaking at a Council on Foreign Relations event, Birol said oil security continues to be a major concern and warned that the situation could worsen if conditions fail to improve over the coming weeks.
The Strait of Hormuz, a strategic waterway between Iran and Oman that previously carried around one-fifth of global energy supplies, has remained largely closed since the conflict erupted on February 28.
Birol said the disruption to oil and gas flows has affected economies worldwide, with Asian countries bearing the brunt of the crisis. According to him, Asia had relied on the strait for 80 to 90 percent of its energy imports.
While Japan and South Korea have been significantly affected, Birol said developing countries such as Pakistan, Bangladesh and India have suffered the greatest impact from the supply disruption.
With inputs from Al Jazeera