The head of the International Energy Agency (IEA) says “unconditionally” opening the Strait of Hormuz to Gulf tanker traffic is essential to ending the shock from soaring oil and gas prices to economies worldwide, AFP reports.

“The single most important solution to this problem is the fully and unconditionally opening up of the state of Hormuz to shipping,” IEA chief Fatih Birol tells a press conference.

Iran had effectively halted tanker traffic through the Strait of Hormuz in retaliation for US and Israeli strikes launched in late February, choking off oil and gas traffic and sending crude prices skyrocketing.

Birol “warmly” welcomes the US-Iran deal, calling it “great news” that “will give comfort to the markets”.

“The crisis has started almost four months now,” the IEA chief, who has previously compared the fallout to the great oil shocks of the 1970s, points out.