Anonymous25 days ago
G7 finance ministers and IEA Executive Director Fatih Birol held an emergency meeting on March 9, 2026, as the Iran war sent Brent crude soaring past $119 per barrel and effectively shut down the Strait of Hormuz, through which 20% of the world's oil flows. The group signaled readiness to authorize a coordinated release of up to 400 million barrels from strategic petroleum reserves — the largest such intervention in the IEA's 52-year history — while economists warned that the oil shock could tip the global economy into 1970s-style stagflation.