IEA's biggest-ever oil reserve release amid Iran-Israel war
The International Energy Agency (IEA) just announced its biggest-ever release, 400 million barrels of oil, to help steady the market after fighting between the U.S.-Israel bloc and Iran shut down the Strait of Hormuz.
With about 20% of the world's oil suddenly blocked, the US is pitching in 172 million barrels, Europe is adding over 100 million, and Asia-Oceania countries are also stepping up.
Oil prices have shot up fast
Oil prices have shot up fast: US crude jumped 35% in a month and gas prices are climbing too.
The IEA's executive director described the market challenges as unprecedented in scale and warned they have major implications for energy security and affordability.
It's a rare moment showing how global conflicts can hit your wallet, and how even big reserves have limits when supply chains break down.