Chief of the International Energy Agency (IEA), Fatih Birol, has warned that "the market is underestimating the consequences of a prolonged closure" of the Strait of Hormuz and that energy prices will rise, Report informs via Al Jazeera.
Birol said there had been no new deliveries of oil, gas or fuels to Asian markets, with supply gaps now starting to emerge.
He added that poorer countries could be hit hardest because of weaker currencies and more limited financial resources.
Birol also warned that shortages of refined products such as kerosene and diesel could emerge if crude oil cannot reach refineries, potentially causing flight disruptions, cancellations and industrial supply problems in some countries.