The International Energy Agency (IEA) called on all 32 member countries to release 400 million barrels of oil from their strategic reserves — a record amount in the organization's history. Director Fatih Birol announced the decision, emphasizing that the Middle East conflict is significantly affecting global energy markets, with Asia as the hardest hit.

The conflict has effectively halted transit through the Strait of Hormuz, the maritime route through which approximately 20 percent of the world's oil passes. Exports from the Persian Gulf have fallen to less than 10 percent of pre-conflict levels, with only two million barrels per day now passing through the strait.

Following the IEA announcement, Brent crude oil faced downward pressure, falling to $86.92 per barrel. However, analysts remain skeptical. "The key question is not the number of reserves but the available withdrawal rates," warned one analyst, emphasizing that this is a temporary solution.

The G7 group also held a meeting to consider an emergency release of oil reserves aimed at reducing the impact on markets. The US Navy meanwhile destroyed 16 Iranian mine-laying vessels near the Strait of Hormuz.