Summary
Iran's Revolutionary Guard announced it will block oil shipments through the Strait of Hormuz during the ongoing US-Israeli conflict with Iran. This action is causing global oil prices to rise due to fears of disrupted supply. World leaders are responding by releasing emergency oil reserves to try and stabilize prices.
Key Facts
- Iran's Revolutionary Guard says no oil will pass through the Strait of Hormuz amid the conflict.
- The Strait of Hormuz is a key passage for about one-fifth of the world's oil supply.
- Global oil prices have increased because of the blocked passage.
- The conflict involves recent attacks using missiles and drones in the Middle East.
- The International Energy Agency will release 400 million barrels from emergency reserves to ease oil prices.
- European and other world leaders are preparing actions to counter potential energy crises.
- Japan plans to release around 80 million barrels from its oil reserves.
- The ongoing conflict, starting February 28, shows no signs of stopping soon, adding to the uncertainty.
