The International Energy Agency’s executive director, Fatih Birol, on Monday dismissed the prospect that markets will stabilize or recover by 2027, speaking during International Energy Week in Singapore.

Markets will take time to return to conditions prior to the outbreak of the U.S.-Isareli war against Iran, Birol considered.

“We must all prepare and make energy security the highest priority in our Governments and in the business world,” he said in a direct call to state administrations and the global corporate sector.

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He assured that there is no viable path for markets to return in the short term to the operating conditions prior to the crisis, and urged governments and the business sector to prioritize global energy security for the coming years.

Oil prices currently stand near $120 per barrel, while the cost of derivative products is at considerably higher levels. Although the IEA leadership did not issue firm forecasts, it expressed concern about fuel demand ahead of the next winter period.

Bessent on Iran:

Iran, for the first time, probably since oil was discovered, has no oil on the water.

The Iranian people should go and buy their heating oil now. They should hoard gasoline. pic.twitter.com/nXt6Cs7IMq

— Clash Report (@clashreport) October 26, 2026

As a direct response to the current energy crisis, the agency anticipates a significant rebound in the nuclear sector. Its latest study indicates that nuclear power plants with a combined capacity of 90 gigawatts are currently under construction—the highest figure recorded in the last 40 years.

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