World faces largest-ever oil supply disruption on Middle East war, IEA says - Reuters

<a href="https://news.google.com/rss/articles/CBMiwAFBVV95cUxOS3FNV1luMy1GeGRhSnlnTm84UUZlWWJsV3JiX29pR0pLLXJNTDlOYmZhM1hPTlFOTVN6d2RKNzllQTFPSk9UOWQtNHAtcFowQWZnOHBzSWJ3NW1NTkdXODVCb1hSalR4Y1ltQTYyQlZ0NU5vS0ZwVjFSSDRPLU55ZG1WcWd3Y3F5bjhSRzk0ZGZMUFRvZlhzY1Bld08xU2ZySG9mOTdtaEZHVEFQSTZFclRTMWV1Q1FScmpqRmNabzE?oc=5" target="_blank">World faces largest-ever oil supply disruption on Middle East war, IEA says</a>&nbsp;&nbsp;<font color="#6f6f6f">Reuters</font>

Amid escalating conflict with Iran, global markets are reeling as oil prices surge and stocks decline sharply. Brent crude spiked above $100 per barrel, driven by fears of prolonged disruption in oil production and transport through the vital Strait of Hormuz. The war has led Iran to intensify attacks on oil infrastructure, halting major cargo traffic and triggering inflation concerns globally. The S&P 500 and Dow Jones fell over 1%, with companies like United Airlines and Carnival suffering heavy losses due to rising fuel costs.

In response to the escalating crisis caused by the Iran war and disruptions to oil shipping through the Strait of Hormuz, the International Energy Agency (IEA) announced the largest release of emergency oil reserves in its history—400 million barrels—more than double the amount released in 2022 after Russia’s invasion of Ukraine. The move comes as global energy markets face significant disruptions, with exports down to less than 10% of pre-war levels and global supply reduced by 20%.

Amid escalating conflict in Iran that began on February 28 with U.S. and Israeli attacks, oil supply disruptions through the strategically vital Strait of Hormuz have caused global oil prices to soar. Tanker traffic has nearly ceased, and regional producers like Iraq, Kuwait, and the UAE have cut production due to storage limitations. In response, the International Energy Agency (IEA) announced the largest release of emergency oil reserves in its history—400 million barrels—to stabilize markets. The U.S., through its Strategic Petroleum Reserve (SPR), will contribute 172 million barrels, while other IEA member nations such as France and Japan are also tapping their reserves.

Member countries of the International Energy Agency on Wednesday agreed to release 400 million barrels of oil from their strategic reserves, its largest-ever release in an effort to ease surging oil prices in the midst of the Iran war. The global oil market has faced disruptions amid a conflict in the Middle East.

The International Energy Agency (IEA) ordered the largest release of government oil reserves in its history to help calm the oil price shock triggered by the US-Israeli attacks on Iran.

The International Energy Agency announced it would release 400 million barrels of oil from its strategic reserve, marking the largest oil release in the group's history as the global economy grapples with fallout from the U.S.-Israeli war with Iran.