IEA Warns Global Energy Markets Will Not Return to Pre-War Levels by 2027

Global energy markets and prices are unlikely to return to pre-war levels in 2027 amid severe tightening and Middle East conflict, according to International Energy Agency Executive Director Fatih Birol. Speaking at Singapore International Energy Week, Birol noted crude oil prices are flirting with $120 per barrel, with refined products at even higher premiums. The supply crunch across diesel and gasoil markets is projected to extend through mid-2027, exacerbated by deferred refinery maintenance in the second quarter of 2027 following disruptions from the Iran war that began in late February.