The Iran war and the subsequent closure of the Strait of Hormuz — a key waterway through which around 20% of global oil trade passed before the conflict — have triggered an oil supply shock on a scale unseen in decades.
The crunch has sent countries worldwide scrambling for alternatives to fill the lost supply.
Many governments, particularly in Asian countries that are heavily dependent on Middle Eastern energy, have also introduced measures to curb fuel demand.
The International Energy Agency (IEA) coordinated a massive release of oil reserves in March — about 400 million barrels — from the emergency stockpiles of industrialized countries. The move was aimed at ensuring adequate supply and stabilizing crude prices.
Strategic reserves provide buffer from oil shock
