Brief by Shorts91 Newsdesk / 06:44pm on 11 Mar 2026,Wednesday International
Thirty-two countries in the International Energy Agency have agreed to release 400 million barrels of oil to stabilise global markets during the Iran war. The decision comes as tensions rise in the Strait of Hormuz, a key route for global oil trade. Three cargo ships were reportedly attacked in the area, increasing fears of supply disruptions. Iran has warned it could target vessels in the strait, effectively restricting shipping. Oil prices have surged due to the conflict. The United States has also advised civilians to avoid ports near the strait. The move to release emergency oil reserves aims to reduce price pressure and support global energy supply. (PC: Reuters)
