The United States, an IEA member, then sold a further 180 million barrels from its Strategic Petroleum Reserve over a six-month period that year. The near-blockade means that some 15 million barrels of crude oil and 5 million barrels of other oil products are choked off from global markets every day, according to Birol. Indeed, the IEA announcement has done little to dampen oil prices. Oil prices seesawOil prices have been on a rollercoaster over the past 48 hours. The near-blockade of the waterway has caused crude prices to soar, with Brent still about 23% above the $73 level it was trading at before the conflict began.

Source: CNN March 12, 2026 04:41 UTC