"He emphasised that the resumption of oil and gas transit through the Strait of Hormuz remains critical for long-term stability." He noted that the decision was taken unanimously by IEA countries and is the largest ever release of emergency oil stocks in the agency's history. However, due to the conflict in the region, the waterway has been considered high-risk for transit, choking the global energy supply. Global gas supply has also been disrupted, with limited alternatives to compensate for the LNG shipments from Qatar and the United Arab Emirates. The IEA further said it will continue to monitor global energy markets closely and provide further recommendations to member countries as necessary to safeguard energy security.

Source: dna March 11, 2026 17:38 UTC