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Fatih Birol said at Australia’s National Press Club that the war has had a worse impact on oil than the two oil shocks of the 1970s combined.

Canada would be the third-largest contributor to the IEA’s program, with the added crude at about 130,000 extra barrels a day if rolled out over six months.

Economists are monitoring both the inflationary and demand impacts from soaring prices of gasoline, diesel and other petroleum products. 

Without the TD3 rate, the brokers have almost nothing upon which to base their assessments. 

The prices demonstrate yet another pinch point in the global energy industry system caused by the effective closure of the Strait of Hormuz.

The IEA said the release will largely consist of crude oil, though contributions from Europe will primarily take the form of refined petroleum product.

November’s midterms will hinge in part on Americans’ attitudes toward the cost of living, and polls show the president is getting poor economic marks.

The strikes sent fuel prices soaring and risked drawing Iran’s Arab neighbors directly into the conflict.

The attacks added to fears the energy crisis triggered by the closure of the Strait of Hormuz may cause lasting damage to oil and gas production.

Imports of Venezuelan heavy crude doubled in the week leading up to March 13, reaching the highest since late 2024, according to U.S. government data.