The International Energy Agency (IEA) has warned that global energy markets may not return to circumstances recorded earlier than the Iran struggle in 2027, because the battle continues to disrupt oil and gasoline provides and drive up energy costs worldwide.
The company’s Executive Director, Fatih Birol, disclosed this on Monday, October 26, 2026, whereas talking on the Singapore International Energy Week convention, the place he raised considerations in regards to the extended impression of the battle, which started in late February.
Birol additionally projected a resurgence in nuclear energy funding, revealing that an IEA survey recognized 90 gigawatts of nuclear energy capability at present underneath development globally, the best degree recorded in 4 many years.
IEA warns of extended energy disaster
Global oil costs have risen sharply because the outbreak of the Iran struggle, with renewed Houthi assaults in Saudi Arabia pushing Brent crude futures to $117 per barrel on Friday, their highest degree in practically six months.
Although costs moderated on Monday, Brent crude remained roughly 59% above its pre-war degree, reflecting sustained provide disruptions and strain on global energy markets.
- “I am afraid I don’t see any credible pathway that the markets will go next year, where we were before this war has started,” Birol mentioned.
The IEA chief warned that governments and companies should put together for extended market uncertainty by making energy safety a central precedence whereas additionally contemplating the long run route of their energy programs.
- “So therefore, we all need to get prepared, taking the energy security as a number one priority in our government, business world, but without forgetting what is the next chapter for the countries and for companies that are all here today,” he added.
Nigeria’s energy inflation reaches 10.85%
The sustained improve in global oil costs is inserting strain on a number of economies, significantly international locations depending on imported petroleum merchandise, as larger energy prices widen commerce deficits and improve import expenditure.
- In Nigeria, energy inflation greater than doubled to 10.85% in September 2026, in contrast with 4.69% in August, reflecting intensifying home energy value pressures.
- According to the National Bureau of Statistics (NBS), the annual energy inflation fee elevated by 6.16 share factors between August and September, representing a 131.34% rise.
- Nigeria’s headline inflation moderated to 14.63% in September from 15.39% in August, regardless of the sharp improve in energy inflation.
The divergence between energy inflation and broader client value actions highlights the strain from rising energy prices, whilst the general inflation fee eased.
Governments introduce measures to ease costs
Governments and main energy-consuming economies have launched measures to improve petroleum provides and ease value pressures following disruptions brought on by the Iran struggle.
On October 22, a tanker carrying 40,000 metric tonnes of Russian diesel was loaded on the Baltic port of Primorsk for cargo to New York underneath an settlement between Russia and the United States.
- The settlement adopted Russia’s resolution to elevate its self-imposed diesel export ban on October 9, permitting extra shipments to worldwide markets as a part of efforts to ease provide shortages.
- Earlier, on October 2, the Group of Seven (G7) international locations agreed to launch 100 million barrels of crude oil and diesel from emergency reserves over 4 months, together with accelerated diesel releases in the course of the first 20 days.
- In Nigeria, the Federal Government introduced a 30-day petrol low cost by way of Nigerian National Petroleum Company (NNPC) Limited stores, prioritising business transport operators.
- Under the association, NNPC agreed to waive its retail revenue margin and promote petrol at price, whereas the federal government started negotiating a N1,350-per-litre ceiling on the touchdown or ex-gantry price of petrol to restrict value volatility.
The measures are meant to ease provide shortages and scale back the impression of rising gasoline costs on households, companies and economies dealing with growing energy prices.
