Business & Economics
IEA Green-lights Record 400-Million-Barrel Stock Draw to Counter Strait of Hormuz Shutdown
On 11 March 2026 the 32-nation International Energy Agency unanimously approved—and G7 governments endorsed—the largest emergency oil-reserve release ever (400 million barrels) to blunt crude prices that had spiked above $115 after war in Iran choked off roughly 90 % of Hormuz traffic.