In recent years, refined fuel prices have been adjusted in line with that system, making this decision an exception in response to volatility driven by the war in the Middle East

Spain has approved the release of up to 11.5 million barrels from its oil reserves over a 90-day period to counter supply shortages caused by the partial closure of the Strait of Hormuz

The International Energy Agency (IEA) agreed to release 400 million barrels from its strategic oil reserves, the largest amount to date, as governments seek to contain the surge in energy prices triggered by the war in the Middle East

The war in Iran is currently cutting about 15 million barrels per day (bpd) of oil and refined products from the Gulf to global markets, which could push crude prices to $150 per barrel, research and consulting firm Wood Mackenzie said

G7 countries signaled their readiness to take “all necessary measures” to stabilize hydrocarbon markets, whose prices have surged due to the war in the Middle East, including the possibility of tapping strategic reserves

U.S. Treasury Secretary Scott Bessent said oil markets are well supplied amid the U.S.–Israeli conflict involving Iran, adding that the United States plans to make a series of additional announcements on the matter

U.S. President Donald Trump said he expects oil prices to decline as soon as his administration’s military operations in Iran come to an end

OPEC+ is likely to consider a larger oil production increase of 411,000 barrels per day at its upcoming meeting, two sources familiar with the group’s position said

The US issued new sanctions targeting Iran’s oil exports, including measures against a Chinese “teapot refinery,” as the Trump administration seeks to ramp up pressure on Tehran

The United States issued new sanctions targeting Iran’s oil exports, including against a China-based “teapot refinery”, as President Donald Trump’s administration seeks to ramp up pressure on Tehran