Turkey warns of global energy fallout due to Iran-Israel conflict

(MENAFN) As hostilities between Iran and Israel intensify, Turkish analysts are voicing serious concerns about the potential global energy fallout. Experts caution that prolonged conflict in the region could severely disrupt key energy corridors, push oil prices to new highs, and threaten the stability of economies reliant on imported energy—Türkiye being among the most exposed.

Necdet Pamir, an energy policy specialist and academic at Istanbul Topkapi University, stressed that regardless of whether a country exports or imports oil, a steep and unregulated surge in prices would strain every sector and put tremendous pressure on the global financial system.

He noted that Brent crude oil, which had been trading around $66 per barrel before tensions flared, has already risen to over $72—a sharp increase with far-reaching consequences.

"This trend is particularly alarming for oil-importing countries like Türkiye," Pamir explained. "In fact, nearly all European nations, as well as many in Asia, are heavily dependent on imported oil, so the impact will be global."

Within Türkiye, the rise in global oil prices has already hit consumers. Over the past week alone, gasoline prices were raised twice, while diesel costs jumped three times—reflecting the inflationary ripple effects caused by volatile energy markets.

Türkiye's vulnerability is heightened by its overwhelming reliance on foreign natural gas. The country sources 98% of its gas supply from Iran, Russia, and Azerbaijan, delivered through five key pipelines.

"We have zero control over oil prices and no say in how gas prices are determined," Pamir said. "We're watching like spectators at a ping-pong match—looking one way, then the other, with no ability to intervene."

Experts warn that if the situation escalates further, the disruption to energy markets and shipping routes could grow even more severe, placing strain on nations already grappling with inflation and supply-chain instability.

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