IEA Launches Record 400-Million-Barrel Emergency Oil Release

The International Energy Agency (IEA) and its member nations have agreed to release a record 400 million barrels of oil from strategic reserves in an attempt to stabilize global energy markets as the war involving Iran continues to disrupt crude flows through the Strait of Hormuz. The coordinated action, announced Wednesday by the IEA, represents the largest emergency oil release ever organized by the group and only the sixth such intervention since the IEA was created following the 1970s oil shocks. The move comes as tanker traffic through the…