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IEA announces record release of oil reserves amid Middle East conflict

The International Energy Agency (IEA) has approved the release of 400 million barrels of oil from strategic reserves to stabilize global markets. This decision comes as tensions in the Middle East, specifically in the Strait of Hormuz, have led to significant disruptions in shipping and oil supply. Brent crude prices surged above 100 dollars per barrel following reports of attacks on tankers and the effective closure of the critical maritime route. Iraq has halted operations at its oil terminals following damage to vessels in its waters. While the IEA initiative aims to curb price volatility, markets remain cautious with stock indices in Tokyo and Europe experiencing declines. The United States plans to contribute 172 million barrels over a 120-day period starting next week. Despite efforts to increase supply, concerns persist regarding the duration of the conflict and the stability of global energy flows.

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