World Burning Through Emergency Oil Reserves as Iran War Pushes Markets Toward Crisis

The International Energy Agency has warned that countries are depleting strategic oil reserves at an unprecedented pace as the war in the Middle East continues to disrupt global energy supplies and keep markets on edge. According to the agency’s latest monthly report, emergency stock releases accelerated sharply after the outbreak of fighting involving Iran, Israel and the United States, raising concerns that the world could face renewed price shocks later this year. The IEA said member countries had committed 400 million barrels from emergency reserves back in March in an attempt to stabilize markets....