Gaza has oil markets on edge, could build more urgency to transition: IEA

Tensions from the war in Gaza could help accelerate the move away from planet-warming fossil fuels like oil and gas and toward renewable energy, electric cars and heat pumps similar to how sharp increases in the price of oil during the 1970s unleashed efforts to conserve fuel, the head of the International Energy Agency said.

Today we are again facing a crisis in the Middle East that could once again shock oil markets,” said IEA Executive Director Fatih Birol. That comes on top of the stress on energy markets from Russia’s cutoff of natural gas to Europe over its invasion of Ukraine, he said.