A new oil shock could be created if the situation worsens in the Middle East, where a third of the world’s black gold exports come from, the director of International Energy Agency (IEA) Fatih Birol.

“We certainly don’t know how the political situation will develop. But tensions are very strong, and almost a third of oil exports come from this region. Not only are the producers there, but also key trade routes,” he recalled, when asked by journalists on the impact of the war between Israel and Hamas.

“A major geopolitical crisis there could lead to an oil shock again, 50 years after” the 1973 shock, he underlined, on the sidelines of the presentation of the international agency’s annual report on the global energy outlook to 2030.

“We very much hope that we will not get there, that peaceful solutions will be found between the sides,” he added, judging that “instability in the market” would be “bad news for everyone and especially for developing countries.”

Today, oil prices were set with some hesitation between fears of an escalation and diplomatic efforts, however no supply disruptions have been reported for now.