IEA warns of energy security risks, if Hormuz crisis doesn’t improve within weeks

The head of the International Energy Agency Fatih Birol said on Thursday that if the US and Iran do not come together to improve flows of oil through the Strait of Hormuz soon the world should be worried about energy security.

"Oil security is still a critical issue," Birol told a Council on Foreign Relations event. "We should be worried, and I am worried if the situation does not improve in the next few weeks."