Oil shock from Iran war prompts countries to open strategic reserves

A widening war in Iran has halted oil tankers, made targets of refineries and spooked investors worried about the cascading impact of spiking energy prices. In response, the International Energy Agency agreed on Wednesday to release the largest volume of emergency oil reserves in its history, with the Paris-based organization pledging to make 400 million barrels of oil available from its member nations’ stockpiles. The announcement marked a shift in momentum in government response to the war upending the flow of oil, with other global leaders previously indicating reluctance to tap into stockpiles.