The International Energy Agency will convene an extraordinary meeting of member governments on Tuesday, executive director Fatih Birol said.
The meeting of the IEA, which advises industrialised countries, will discuss the situation for oil and gas amid the current disruption hitting energy markets.
Oil prices have soared upwards since the start of the Iran conflict, with Brent hitting a 19-month high of $85.12 per barrel.
Brokerages like J.P.Morgan and Bernstein expect Brent to cross the $100 mark if the conflict continues.
Traffic through the Strait of Hormuz was closed for a fourth day on Tuesday, choking off a key artery accounting for about 20% of global oil and gas supply.
Iran has said it would fire on any ship trying to pass the crucial shipping route for oil and gas.
Strangling movement of oil and gas will also suppress output in some places.
Officials in Iran’s neighbor Iraq, an OPEC member, told Reuters their country will be forced to cut oil output by more than 3 million barrels per day in a few days if oil tankers cannot move freely through Hormuz.
Source: Reuters
- Agencies
