IEA releases record 400m barrels of oil to counter supply shock

The International Energy Agency agreed to release 400 million barrels of oil from emergency reserves after the Iran war halted shipping through the Strait of Hormuz and drove global crude prices above $100 a barrel. The decision marks the largest coordinated release of strategic oil stocks since the agency formed in 1974.

The International Energy Agency approved the largest coordinated release of oil reserves in its history after the US–Israeli was against Iran disrupted global energy markets...