As the price of oil increases due to the U.S.-Iran war, 32 members of the Paris-based International Energy Agency will make 400 million barrels of oil available from emergency reserves, the Associated Press reported.
During the 2022 Russian invasion of Ukraine, the IEA’s 32 member countries released 182.7 million barrels.
“This is a major action aiming to alleviate the immediate impacts of the disruption in markets,” IEA executive director Fatih Birol said in the report. “But, to be clear, the most important thing for a return to stable flows of oil and gas is the resumption of transit through the Strait of Hormuz.”
The Strait of Hormuz is crucial for delivering oil. Iran has attacked commercial ships as a response to the U.S. and Israel bombardment, who say they began the war to stave off nuclear armament.
Cargo traffic in the Strait of Hormuz accounts for about one-fifth of the oil shipped from the Persian Gulf to the Indian Ocean.
Iran has targeted a number of oil fields and refineries as a way to fight off U.S. and Israel aggression.
