Beirut: Executive Director Fatih Birol on Tuesday warned that tensions in the Strait of Hormuz are heightening concerns over the security of global oil supplies and increasing uncertainty about the market outlook.

According to National news agency - Lebanon, the Paris-based agency stated that several mitigating factors could help cushion potential disruptions. These include efforts by Saudi Arabia and the United Arab Emirates to expand oil shipments through routes that bypass the Strait of Hormuz. Additionally, increased exports from other producers, particularly the United States, Brazil, Venezuela, and Kazakhstan, are contributing to alleviating potential supply issues. Furthermore, China's ongoing efforts to reduce its oil imports play a significant role in managing the situation.

The strategic Strait of Hormuz is a critical chokepoint for the global oil market, with a substantial portion of the world's oil supply passing through it. Any disruption in this area could have far-reaching impacts on oil prices and supply stability. The ongoing tensions and geopolitical dynamics in the region continue to be a focal point for market observers and policymakers alike.