IEA agrees to record release of emergency oil reserves to calm surging prices
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The International Energy Agency (IEA) has agreed to release 400 million barrels of emergency oil reserves, the largest release in its history, to stabilize energy markets amidst escalating tensions in the Middle East. This decision, made on Wednesday by the Paris-based organization, aims to counteract the impact of recent attacks by Iran on commercial ships and oil infrastructure in the Persian Gulf, which have disrupted oil shipments through the Hormuz Strait. These attacks, a response to US and Israel strikes, have caused oil prices to surge and prompted panic buying in parts of Asia. The IEA's member countries hold over 1.2 billion barrels of public emergency oil stocks, in addition to 600 million barrels of industry stocks. The release is intended to alleviate global economic pressure by ensuring a stable oil supply.
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