Head of world’s energy watchdog says it will take time for markets to recover from ongoing crisis in strait of Hormuz

Oil prices have surged more than 17% since the International Energy Agency announced the largest release of crude stockpiles in its 50-year history.

Record oil release steadies markets, but war-driven disruption in the Strait of Hormuz keeps energy supplies uncertain.

Head of world’s energy watchdog says it will take time for markets to recover from ongoing crisis in strait of Hormuz