Dozens of countries agree to release 400 million barrels of oil

The International Energy Agency announced that its member countries will release 400 million barrels of oil from reserves to address soaring prices amid the ongoing war with Iran. While this is the largest release in IEA history, U.S. crude oil prices have only slightly decreased to around $84 per barrel, indicating limited immediate impact. The conflict has severely restricted tanker traffic in the Strait of Hormuz, contributing to rising energy costs globally.

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