The International Energy Agency (IEA) has warned that global energy markets may not return to circumstances recorded earlier than the Iran warfare 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 concerning 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 the moment below development globally, the very best stage recorded in 4 many years.
IEA warns of extended energy disaster
Global oil costs have risen sharply for the reason that outbreak of the Iran warfare, with renewed Houthi assaults in Saudi Arabia pushing Brent crude futures to $117 per barrel on Friday, their highest stage in almost six months.
Although costs moderated on Monday, Brent crude remained roughly 59% above its pre-war stage, reflecting sustained provide disruptions and stress 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 longer term path of their energy techniques.
- “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 enhance in global oil costs is putting stress on a number of economies, notably nations depending on imported petroleum merchandise, as greater energy prices widen commerce deficits and enhance 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 worth pressures.
- According to the National Bureau of Statistics (NBS), the annual energy inflation fee elevated by 6.16 proportion 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 enhance in energy inflation.
The divergence between energy inflation and broader client worth actions highlights the stress from rising energy prices, at the same time as the general inflation fee eased.
Governments introduce measures to ease costs
Governments and main energy-consuming economies have launched measures to enhance petroleum provides and ease worth pressures following disruptions brought on by the Iran warfare.
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 below an settlement between Russia and the United States.
- The settlement adopted Russia’s determination to raise 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) nations agreed to release 100 million barrels of crude oil and diesel from emergency reserves over 4 months, together with accelerated diesel releases through the first 20 days.
- In Nigeria, the Federal Government introduced a 30-day petrol discount by means of Nigerian National Petroleum Company (NNPC) Limited stores, prioritising industrial 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 worth 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.
