DON HAVE MUCH MORE BUFFER ZONES : IEA CHIEF WARNS OF FUEL PRICE SHOCKS HOPES FOR RESOLUTION TO IRAN CONFLICT

What happened: IEA Chief Fatih Birol warned that the world has little buffer left to keep energy prices at current levels amid pressure from the US-Iran conflict, and said he hopes both straits will be opened unconditionally soon. Why it matters: Birol also warned that Europe is entering winter with gas stocks much lower than historical averages and cannot withstand further supply shocks, with higher natural gas prices possible in a harsh winter. Key numbers: 75,000 protestors claimed dead in less than seven months, per the US President.

IEA Chief Fatih Birol warned that the world has little buffer left to keep energy prices at current levels amid pressure from the US-Iran conflict, and said he hopes both straits will be opened unconditionally soon.

Birol also warned that Europe is entering winter with gas stocks much lower than historical averages and cannot withstand further supply shocks, with higher natural gas prices possible in a harsh winter. Key numbers: 75,000 protestors claimed dead in less than seven months, per the US President.