Fatih Birol, the executive director of the International Energy Agency, has argued that the international community must treat the Strait of Hormuz as a global public good whose security is a shared responsibility, not a matter for any single nation. Speaking in Canberra during a tour of the Asia-Pacific region, the IEA chief said the closure of the strait had inflicted energy losses equivalent to the twin 1970s oil shocks and the Ukraine gas crisis combined. He called for a multilateral approach to restoring safe passage through the waterway.
The Hormuz strait carries about 20 percent of global oil supply and has been closed to commercial shipping following attacks on vessels. The closure, combined with US and Israeli strikes on Iranian energy infrastructure since February 28, has removed 11 million barrels of oil per day and 140 billion cubic metres of gas from world markets. At least 40 Gulf energy facilities have been severely damaged, making restoration of supply a long-term challenge.
The IEA responded with a record release of 400 million barrels from strategic petroleum reserves on March 11, representing just 20 percent of available stocks. Birol said further releases were possible and that consultations with governments across three continents were ongoing. Demand-side measures including remote working, lower motorway speeds, and reduced commercial aviation were also being implemented by member states.
Birol said the Hormuz closure had hit Asia-Pacific nations hardest, given the region’s dependence on Gulf oil imports. Japan indicated it could consider contributing minesweeping military assets if a ceasefire is achieved, and Birol welcomed that signal. He noted that while Australia, Japan, and South Korea had faced criticism from President Trump for insufficient engagement, any international contribution to restoring Hormuz’s navigability would be valuable.
Iran threatened retaliatory strikes on US and allied energy and desalination infrastructure after Trump’s 48-hour deadline expired. Birol warned against the dangerous trend of nations stockpiling fuel domestically and urged collective action. His conclusion was clear: the Hormuz strait’s security cannot be left to chance or to unilateral military posturing — it must be treated as an international responsibility backed by genuine global cooperation.