International Energy Agency releases record amount of reserve oil due to Iran conflict

The International Energy Agency announced it will release 400 million barrels of oil from its strategic reserve, the largest in its history, due to the economic impact of the U.S.-Israeli war with Iran. Oil prices surged after the conflict began, raising concerns over shipping disruptions in the Strait of Hormuz. The IEA’s release aims to compensate for lost oil flow for about 20 days, as global markets face significant instability and rising consumer prices.

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