Plans for record emergency oil release signal Middle East war could drag on for months
The degree to which the IEA acted is being interpreted that the conflict could continue for many weeks, said analysts.
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The degree to which the IEA acted is being interpreted that the conflict could continue for many weeks, said analysts.
It comes as Iranian attacks on ships intensify in the crucial Strait of Hormuz waterway.
The IEA said Wednesday that its 32 member countries would release 400 million barrels of oil from emergency reserves.
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The U.S. currently has 415 million barrels of oil in its strategic reserve, about 58% of the authorized capacity of 714 million barrels.
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