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IEA agrees to release record 400 million barrels of oil to address Iran war supply disruption
The move comes as the Iran war continues to choke off traffic through the strategically vital Strait of Hormuz.
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cnbc.com
The U.S.-Iran war is the biggest oil supply disruption in history
The global oil market will need to balance by destroying demand through sharply rising oil prices, according to Rapidan Energy.
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IEA countries to meet later Tuesday on release of oil reserves, but no decision made yet
The IEA's members are advanced economies in North America, Europe and Northeast Asia. They collectively hold about 1.2 billion barrels of oil in reserve.
