Is the world entering a slowdown as energy prices rise?

As energy prices remain elevated amid ongoing tensions in the Gulf, the International Energy Agency (IEA) is calling for immediate changes in how governments, businesses, and individuals consume energy.

The agency has outlined a set of measures aimed at reducing global demand, including encouraging remote work, lowering driving speeds, limiting air travel, and promoting public transportation.

IEA Executive Director Fatih Birol described the situation as one of the most serious energy security challenges in modern history, warning that the scale of disruption could exceed previous crises.

Several countries have already begun implementing restrictions, such as limiting air conditioning temperatures, reducing working days, and cutting non-essential travel.

The urgency stems from disruptions to oil flows and concerns over key supply routes, particularly the Strait of Hormuz, which remains critical to global energy markets. Even if geopolitical tensions ease, experts say damage to infrastructure, including oil fields, refineries, and pipelines, could take months to repair.

The agency emphasizes that while long-term solutions will involve expanding renewable energy and improving efficiency, immediate behavioral changes are essential to stabilize the system and ease pressure on global markets.