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Evening Standard

Politics

Nicholas Cecil

Oil wars: West releases record 400 million barrels as Iran hits cargo ships in Strait of Hormuz

Interest Rates Iran Rachel Reeves United Kingdom Donald Trump Inflation Economic Growth IEA Middle East Oil

Britain joined allies in releasing a record 400 million barrels of oil from emergency reserves to try to dampen the economic blows triggered by Donald Trump’s war on Iran.

The International Energy Agency (IEA) agreed to the move, the largest in its history, as it sought to rein in crude prices which have soared due ⁠to supply shocks.

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