IEA

International Energy Agency member states approved a historic coordinated release of 400 million barrels from strategic petroleum reserves following attacks on oil tankers in Iraqi waters and escalating regional conflict involving Iran and Gulf states.

Iran struck a Saudi oilfield with drones Wednesday as the International Energy Agency weighs its largest-ever strategic reserve release to stabilize surging oil prices amid escalating US-Israeli military operations.

The International Energy Agency is preparing its largest-ever strategic reserve release to counter oil price surges driven by Middle East tensions, while Nigeria grapples with gas shortages disrupting power generation and diesel price spikes threatening its generator-dependent economy.