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The Latest Breaking News from IEA

Oil prices surge despite global action to boost reserves

Oil prices and financial markets remained under pressure after three more cargo vessels were hit in the Gulf.

Evening Standard

TotalEnergies caps petrol and diesel prices at French service stations

French energy giant TotalEnergies announced on Thursday it will cap petrol and diesel prices at its service stations in mainland France for the next three weeks, as oil prices surge amid the conflict in the Middle East.

Radio France Internationale

Largest ever oil reserves released as Iran war fuels price rises

The Middle East conflict has seen oil prices surge as the flow of oil tankers has effectively stopped

The Independent UK

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Iran's new ayatollah vows to keep Strait of Hormuz blocked in regime-released statement

Tehran fired fresh barrages of drones and missiles early on Thursday as the Iran war nears the two-week mark. Air raid alerts were sounded in Israel as authorities warned of incoming Iranian fire, as Gulf states brace for more attacks.

Euronews

British special forces shoot down 'suicide drones' as base in Iraq hit injuring US soldiers

A swarm of ‘unmanned aerial vehicles’ was launched at the camp in Erbil, northern Iraq

Evening Standard

War creating 'largest' oil shock in history as Iran hits new Gulf targets

The Middle East war is creating the biggest oil supply shock in history, the International Energy Agency warned Thursday, as Iran launched a new wave of attacks against Gulf energy targets that sent prices spiking above $100 a barrel.

Radio France Internationale

Nations will release an extra 400 million barrels of oil to the market. All we need to do now is not panic at the pump

Despite being one of the world’s top exporters of fossil fuels (coal and gas), Australia has little left of its own oil. Neither does New Zealand.

The Conversation

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Fuel supply boosted as oil price threatens record highs

The government has temporarily lowered Australia's fuel quality standards to boost supplies as the war in the Middle East disrupts global markets.

AAP

Australian Petrol Prices Set To Skyrocket After Strikes In Strait Of Hormuz

Australians are being warned to brace for higher petrol prices as attacks on ships in the Strait of Hormuz choke global oil supplies.

Pedestrian.tv

IEA’s ‘unprecedented’ oil release was supposed to fix everything, yet the market had a chilling response

The International Energy Agency (IEA) announced this week that its member countries unanimously agreed to release a massive 400 million barrels of oil from their strategic reserves, an unprecedented move aimed at stabilizing soaring prices, but the market’s response was, frankly, a bit chilling. Despite this huge injection of potential…

The Mary Sue

Nasdaq Rises Amid Middle East Uncertainty: Stock Market Today

Governments and global organizations are responding to the threat of a potential energy crisis stemming from the war in the Middle East.

Kiplinger

Iran escalates attacks on infrastructure and transport networks across the Gulf

Iranian officials warn of ‘war of attrition’ and global economic chaos as energy supplies are throttled

The Guardian - UK

Crude Prices Rally Despite IEA Stockpile Release

April WTI crude oil (CLJ26 ) is up +4.62 (+5.54%), and April RBOB gasoline (RBJ26 ) is up +0.14379 (+5.60%). April WTI crude oil on Monday spiked up to a 3.75-year nearest-futures high of $119.48 but has since fallen back to the $87-per-barrel area. Crude oil prices spiked higher to...

Barchart

FTSE 100 falls as Iran war lifts inflation fears

The FTSE 100 index closed down 58.47 points, 0.6%, at 10,353.77.

Evening Standard

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The Conversation

These are shaky times for oil markets. An expert explains what a prolonged war will mean for prices

The US-Israel strikes on Iran have launched one of the most dramatic conflicts in the Middle East in living memory. Aside from military targets, Iranian forces have attacked commercial shipping and infrastructure in the region. The objective is simple: to disrupt oil exports and weaken its opponents’ economies.

Barchart

Stocks Pressured by Higher Oil Prices, But Positive Oracle AI News Helps Tech Stocks

The S&P 500 Index ($SPX ) (SPY ) is down -0.30%, the Dow Jones Industrial Average ($DOWI ) (DIA ) is down -0.88%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is down -0.11%. March E-mini S&P futures (ESH26 ) are down -0.42%, and March E-mini Nasdaq futures (NQH26...

Fortune

The fog of war is coming from inside the White House—and it cost oil markets $84 million in ten minutes

Meanwhile, the market shrugs at news of a record emergency release of oil.

Radio France Internationale

France backs emergency release of oil reserves as supply fears grow

France, which holds the G7 presidency, said Wednesday that major economies were ready to act to stabilise oil markets as the US-Israeli war with Iran enters its second week and disrupts supply.

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Axios

IEA announces historic oil reserve release amid Iran war

It would be the largest joint release in the International Energy Agency's history.

The Independent UK

Largest-ever emergency oil release approved to address Iran war crisis and global supply fears

It’s a larger stock than the 182.7 million barrels that were released in 2022 in response to Russia’s full-scale invasion of Ukraine

The Independent UK

International Energy Agency to release record oil reserves to calm markets

The conflict in Iran has halted shipments through the Strait of Hormuz and pushed the price of oil and gas sharply higher.

International Business Times

Iran War Sparks Largest Ever Oil Reserve Release

The International Energy Agency unanimously agreed to release 400 million barrels of oil from emergency reserves in response to the Iran war.

The Independent UK

400 million barrels of emergency oil reserves to be released to calm surging prices

IN FULL

The Guardian - UK

Will releasing millions of barrels of oil stockpiles really bring down fuel costs?

Despite rare act of multilateralism, there is no guarantee the IEA’s release of 400m barrels from reserves will depress prices

Euronews

IEA approves largest-ever oil reserve release of 400m barrels amid Iran crisis

The 32-member International Energy Agency has unanimously agreed to release 400 million oil barrels from its global strategic reserves in an attempt to prevent supply disruptions and ease market fears caused by Iran war shortages.

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