IEA convenes extraordinary meeting, experts say Brent could cross $100 mark if conflict continues

The International Energy Agency (IEA) is set to hold an extraordinary meeting for its member countries on Tuesday, according to executive director Fatih Birol. This meeting will focus on the current situation in the oil and gas sectors, as energy markets face significant disruptions. Since the start of the conflict in Iran, oil prices have surged, with Brent crude reaching a 19-month peak of $85.12 per barrel. Financial firms like J.P. Morgan and Bernstein predict that Brent prices could exceed $100 if the conflict persists. The Strait of Hormuz has been closed for the fourth consecutive day, disrupting a vital route that supplies around 20% of the world's oil and gas. Iran has warned that it will target any vessel attempting to navigate this critical shipping channel. This blockade may also lead to reduced oil and gas production in other regions. Officials in Iraq, which is a member of OPEC and shares a border with Iran, informed Reuters that they might have to cut oil production by over 3 million barrels per day in the coming days if tanker traffic through Hormuz remains restricted.