Gaza has oil markets on edge. That could build more urgency to shift to renewables, IEA head says

abcnews.go.com:

Oil prices are up and markets are tense after the outbreak of war in Gaza

FRANKFURT, Germany — Tensions from the war in Gaza could help accelerate the move away from planet-warming fossil fuels like oil and gas and toward renewable energy, electric cars and heat pumps — similar to how sharp increases in the price of oil during the 1970s unleashed efforts to conserve fuel, the head of the International Energy Agency said.

“Today we are again facing a crisis in the Middle East that could once again shock oil markets," said IEA Executive Director Fatih Birol. That comes on top of the stress on energy markets from Russia's cutoff of natural gas to Europe over its invasion of Ukraine, he said.

“Put these two things together, and no one can convince me that oil and gas are safe and secure energy choices for countries or consumers,” Birol told The Associated Press in an interview ahead of the publication Tuesday of the IEA's annual world energy outlook, which analyzes the global picture of energy supply and demand.

“This could further accelerate the energy transition around the world," with renewable sources like wind or solar offering a “long lasting solution” to energy security issues as well as climate change, he said.

The attack on Israel by the militant organization Hamas and the ensuing Israel military operations have raised fears of a wider Mideast conflict. So far oil price rises have been relatively moderate. International benchmark Brent crude traded at $90.17 per barrel Tuesday, up from around $84 on the eve of the Hamas attack. So far the fighting has not led to a supply interruption.

Fossil fuel prices are down from 2022 peaks, but “markets are tense and volatile," said the IEA in the report.

“Some of the