The Nigerian Navy has intensified its crackdown on crude oil theft and illegal bunkering in the Niger Delta, uncovering and deactivating suspected crude oil storage facilities containing approximately 93,000 litres of suspected stolen crude oil in Bonny local government area of rivers state. The operation, conducted on August 20 by personnel of the Forward Operating Base (FOB) BONNY under Operation Delta Sentinel, followed actionable intelligence indicating suspected illegal crude oil storage activities around Allison Community, Abiodun Folorunsho, Captain, Nigerian Navy Director of Naval Information said in a press statement on Saturday.&nbsp;According to him, naval personnel discovered 10 dugout pits believed to have been used in the illicit storage of crude oil during the operation. Five of the pits contained an estimated 93,000 litres of suspected stolen crude oil, while the remaining five were filled with water. The operation also led to the discovery of a substantial quantity of hoses believed to have been used for the movement and transfer of crude oil.&nbsp;Captain Folurunsho said that the recovered products, dugout pits and associated materials were subsequently handled in line with established operational procedures, adding that the intervention effectively disrupted the suspected illegal operation and denied those involved access to infrastructure and equipment needed to sustain crude oil theft. The latest operation highlights the Nigerian Navy's continuing efforts to dismantle the infrastructure that supports crude oil theft and illegal bunkering across the Niger Delta.&nbsp;&nbsp;Official data indicate that Nigeria's crude-oil theft problem has declined substantially in recent years, although illegal bunkering remains widespread across the Niger Delta.&nbsp;Nigerian Upstream Petroleum Regulatory Commission (NUPRC) data show estimated oil theft falling from an average of 22,900 barrels per day in 2023 to 11,200 barrels per day in 2024, with the average at 10,180 barrels per day between January and August 2025.&nbsp;&nbsp;Meanwhile, the Nigerian Navy reported more than 580 anti-oil-theft operations between April and June 2026, during which it destroyed 58 illegal refining sites, dismantled 48 illegal storage facilities and deactivated 239 dugout pits, recovering 4.7 million litres of stolen petroleum products.&nbsp;&nbsp;The service said its sustained operations under Operation DELTA SENTINEL demonstrate its commitment to protecting critical national assets, securing Nigeria's oil and gas infrastructure and curbing activities that undermine the nation's economy,&nbsp; reaffirng&nbsp;its resolve to maintain operational pressure against networks involved in the illegal exploitation of Nigeria's natural resources and to deny economic saboteurs the freedom to operate within the nation's maritime environment.

Naval personnel discovered 10 dugout pits believed to have been used in the illicit storage of crude oil during the operation

The Nigerian Navy has intensified its crackdown on crude oil theft and illegal bunkering in the Niger Delta, uncovering and deactivating suspected crude oil storage facilities containing approximately 93,000 litres of suspected stolen crude oil in Bonny local government area of rivers state. The operation, conducted on August 20 by personnel of the Forward Operating Base (FOB) BONNY under Operation Delta Sentinel, followed actionable intelligence indicating suspected illegal crude oil storage activities around Allison Community, Abiodun Folorunsho, Captain, Nigerian Navy Director of Naval Information said in a press statement on Saturday. According to him, naval personnel discovered 10 dugout pits believed to have been used in the illicit storage of crude oil during the operation. Five of the pits contained an estimated 93,000 litres of suspected stolen crude oil, while the remaining five were filled with water. The operation also led to the discovery of a substantial quantity of hoses believed to have been used for the movement and transfer of crude oil. Captain Folurunsho said that the recovered products, dugout pits and associated materials were subsequently handled in line with established operational procedures, adding that the intervention effectively disrupted the suspected illegal operation and denied those involved access to infrastructure and equipment needed to sustain crude oil theft. The latest operation highlights the Nigerian Navy's continuing efforts to dismantle the infrastructure that supports crude oil theft and illegal bunkering across the Niger Delta. Official data indicate that Nigeria's crude-oil theft problem has declined substantially in recent years, although illegal bunkering remains widespread across the Niger Delta. Nigerian Upstream Petroleum Regulatory Commission (NUPRC) data show estimated oil theft falling from an average of 22,900 barrels per day in 2023 to 11,200 barrels per day in 2024, with the average at 10,180 barrels per day between January and August 2025. Meanwhile, the Nigerian Navy reported more than 580 anti-oil-theft operations between April and June 2026, during which it destroyed 58 illegal refining sites, dismantled 48 illegal storage facilities and deactivated 239 dugout pits, recovering 4.7 million litres of stolen petroleum products. The service said its sustained operations under Operation DELTA SENTINEL demonstrate its commitment to protecting critical national assets, securing Nigeria's oil and gas infrastructure and curbing activities that undermine the nation's economy, reaffirng its resolve to maintain operational pressure against networks involved in the illegal exploitation of Nigeria's natural resources and to deny economic saboteurs the freedom to operate within the nation's maritime environment.

Naval personnel discovered 10 dugout pits believed to have been used in the illicit storage of crude oil during the operation

Nigerian Navy disrupts crude oil theft operation, recovers 93,000 litres in Bonny

The Iran crisis has reshaped global energy markets, sending crude oil prices soaring and delivering massive profits to the world's biggest oil companies. As disruptions in the Strait of Hormuz pushed oil above $126 per barrel, energy giants including Saudi Aramco, ExxonMobil, Chevron, Shell, BP, and TotalEnergies reported record quarterly earnings.

Combined profits reached nearly $93 billion between April and June, while consumers worldwide struggled with soaring fuel and energy costs. The windfall has sparked political criticism and renewed calls for stronger taxes on excess profits and greater investment in clean energy.

Iran War Fuels Oil Profits: Energy Giants Earn $93 Billion in Just 3 Months

The United States has reimposed its naval blockade on Iranian ports following the collapse of peace talks, but Iran's oil exports continue through a secretive network known as the "shadow fleet."

This network consists of hundreds of aging oil tankers that operate outside traditional shipping systems, helping Tehran continue its energy trade despite years of U.S. sanctions. These vessels often disable tracking systems, change identities, use foreign registrations, and conduct ship-to-ship oil transfers to hide their origins.

While Washington's sanctions target companies, banks, and shipping firms involved in Iranian crude trade, Iran has built a parallel export system that keeps its oil flowing to international buyers, especially China.

Iran's Ships Hide Identities to Evade U.S. Sanctions & Tracking | The West Asia Post 

Saudi Arabia's economy has contracted 4.8% year-on-year in the second quarter, according to flash estimates, highlighting the kingdom's continued dependence on oil revenues despite years of economic diversification efforts.

The decline was driven primarily by a 24.7% drop in oil-related activities, while non-oil sectors provided only limited support. The latest figures come as geopolitical tensions across West Asia continue to influence oil production, energy markets, and global supply chains.

Although Saudi Arabia's Vision 2030 aims to reduce reliance on hydrocarbons, the latest GDP data underscores the challenges of transforming an economy still heavily tied to crude oil exports.

Saudi Arabia's Economy Shrinks 4.8% as Oil Slump and West Asia Tensions Weigh on Growth

President Donald Trump has declared that Iran is "not ready" to make a deal, while warning that the United States would destroy Iranian infrastructure if attacks on shipping in the Strait of Hormuz continue.
Iran's military responded with a sharp warning, saying any U.S. strike on critical infrastructure would trigger attacks on regional oil, gas, electricity, and economic facilities, while vowing to halt oil exports entirely.

Trump Warns Iran: No Deal, More Strikes If Hormuz Attacks Continue | Oil Crisis Escalates

The US-Iran conflict has entered a dangerous new phase as American forces carried out their 11th consecutive night of strikes on Iranian military targets. Iran responded with fresh regional attacks while tensions spread across Jordan, Kuwait, Bahrain, and the Strait of Hormuz. US President Donald Trump warned that Washington is "not finished" with Iran and threatened further strikes on fortified nuclear facilities. Meanwhile, the Houthis' blockade threats and disruptions to global shipping continue raising fears of a wider regional war and an energy crisis.


US-Iran war escalates: Trump warns more strikes as Hormuz Crisis deepens | West Asia War

Crude oil prices may have retreated from the highs seen during the peak of the Iran conflict, but consumers are not getting much relief at the pump.


Why US gas prices aren't coming down 

Markets are shifting into risk-off mode. Crude oil surged over 5% as tensions and supply fears pushed prices up, triggering fresh demand for the US dollar. The dollar is now trading at a one-week high on safe haven demand, which took the shine off gold and silver. Global equities faced selling pressure as investors moved away from risk.

Crude oil jumps 5% | Dollar hits 1-week high as gold & stocks fall

Despite sanctions on Moscow, Russian crude oil is reportedly continuing to enter the UK through indirect trade routes, raising fresh questions over enforcement loopholes and global energy supply chains. Reports suggest refined petroleum products processed in third countries are making their way into British markets, effectively allowing Russian-origin oil to bypass restrictions.


UK Lets Russian Oil In Through the Back Door; Russian Crude Finds A New Route

Crude oil markets are in turmoil as talks over the Strait of Hormuz reportedly stall, keeping traders on edge. Prices are swinging sharply amid uncertainty over one of the world’s most critical energy shipping routes. With diplomacy faltering and supply risks rising, volatility continues to dominate global crude trading sentiment.

Oil Prices Swing As Hormuz Talks Collapse | Markets On Edge 

Fuel prices are rising across India, increasing concerns over inflation and household expenses. The latest hike in petrol and diesel costs is expected to impact transportation, logistics, food prices, and overall consumer spending. Economists warn that sustained fuel price increases could add pressure on inflation trends and affect businesses as well as everyday commuters nationwide. The development comes amid volatility in global energy markets and crude oil prices.

West Asia War Causes Inflation Risks: India Hikes Retail Fuel Prices 

India has increased petrol and diesel prices by ₹3 per litre, marking the first nationwide fuel price hike in four years. The move comes amid rising global energy tensions and volatile crude oil markets linked to ongoing geopolitical conflicts. The increase is expected to impact transportation costs, inflation, and household budgets across the country, while the government says the revision reflects changing international energy conditions and supply pressures.


India Raises Fuel Prices By ₹3 First Time In 4 Years

Before the Iran war in late February, global oil markets feared a supply glut, with brent trading under 70 dollars a barrel as American production outpaced demand. This expected surplus was driven by increased production and OPEC quota adjustments. However, immediate threats to the strait of Hormuz have caused prices to spike over 70 percent to above 125 dollars a barrel now.


UAE OPEC Exit: Crude Projected To Remain Above $100 This Year

The gulf war has disrupted global oil supplies with key export routes under strain, producers are being forced to reroute crude through limited pipeline networks and alternative ports. But these options come with hard capacity limits, leaving a significant chunk of production stranded.
As a result, a large volume of oil is being forced offline. In the next news in numbers report we breakdown the supply loss caused due to the war. Take a look.

Gulf Crude Production Shut-in Math

Russia is set to halt the transit of Kazakhstan’s oil supplies to Germany through the Druzhba Pipeline, raising fresh concerns over Europe’s energy security. The move could disrupt alternative supply arrangements Berlin relied on after reducing dependence on Russian crude.


Russia to Stop Supplying Kazakh Oil to Germany via Druzhba Pipeline

Global crude oil prices play a critical role in shaping the economic stability of oil-importing countries. From inflation and currency pressure to rising fuel costs and trade deficits, fluctuations in oil markets directly affect growth and household spending. As geopolitical tensions and supply disruptions continue to influence energy markets, understanding why crude prices matter is essential for policymakers, businesses, and consumers alike.

Oil Crisis: Why Global Crude Prices Matter for Any Importing Country

Global stocks have almost entirely recovered to prices from February. That is despite the surge in energy costs and a significant tightening of financial conditions. The positive market sentiment comes despite downbeat medium-term growth outlook from elevated crude prices.


Iran War: Global Stocks Rise And Oil Falls Again

India has confirmed it is sourcing crude oil and liquefied petroleum gas (LPG) from Iran amid the ongoing energy supply disruptions in West Asia caused by war in the region. The Ministry of Petroleum and Natural Gas issued a statement on Saturday addressing rumours of supply problems. “Amid Middle East supply disruptions, Indian refiners have secured their crude oil requirements, including from Iran; and there is no payment hurdle for Iranian crude imports,” it said.


India: Energy Supplies Remain Secured, Says Crude Supply Fully Secured for Coming Months

New Delhi: India has confirmed it is sourcing crude oil and liquefied petroleum gas (LPG) from Iran amid the ongoing energy supply disruptions in West Asia caused by war in the region. The Ministry of Petroleum and Natural Gas issued a statement on Saturday addressing rumours of supply problems. “Amid Middle East supply disruptions, Indian refiners have secured their crude oil requirements, including from Iran; and there is no payment hurdle for Iranian crude imports,” it said.&nbsp;&nbsp;It directly rejected reports and social media claims that an Iranian crude cargo had been diverted from Vadinar port in Gujarat to China due to “payment issues”.&nbsp;“The news reports and social media posts of an Iranian crude cargo being diverted from Vadinar, India to China due to ‘payment issues’ are factually incorrect,” the ministry stated.&nbsp;India imports crude oil from more than 40 countries, the statement noted, adding that companies have “full flexibility to source oil from different sources and geographies based on commercial considerations.” It explained how oil trade operates: “Claims on vessel diversion ignore how oil trade works. Bills of Lading often carry indicative discharge ports destinations and on-sea cargoes can change destinations mid-voyage based on trade optimisation and operational flexibility.”&nbsp;The ministry added, “It is reiterated that India’s crude oil requirements remain fully secured for the coming months.”&nbsp;On LPG, the government dismissed similar concerns. “On LPG too, some claims being made are incorrect as LPG vessel Sea Bird carrying around 44 TMT Iranian LPG berthed at Mangalore, India on April 2 and is currently discharging,” the statement said.&nbsp;This marks the first time in years that India has openly confirmed buying energy supplies from Iran. Before 2019, Iran was a major supplier, accounting for up to 11-12% of India’s total crude imports in some years. Imports largely stopped after the United States withdrew from the JCPOA nuclear deal and reimposed sanctions, ending waivers for many countries, including India.

The Ministry of Petroleum and Natural Gas denied reports that an Iranian crude cargo had been diverted from Vadinar port in Gujarat to China due to “payment issues” and termed them factually incorrect. India imports crude oil from more than 40 countries, the ministry added.

New Delhi: India has confirmed it is sourcing crude oil and liquefied petroleum gas (LPG) from Iran amid the ongoing energy supply disruptions in West Asia caused by war in the region. The Ministry of Petroleum and Natural Gas issued a statement on Saturday addressing rumours of supply problems. “Amid Middle East supply disruptions, Indian refiners have secured their crude oil requirements, including from Iran; and there is no payment hurdle for Iranian crude imports,” it said. It directly rejected reports and social media claims that an Iranian crude cargo had been diverted from Vadinar port in Gujarat to China due to “payment issues”. “The news reports and social media posts of an Iranian crude cargo being diverted from Vadinar, India to China due to ‘payment issues’ are factually incorrect,” the ministry stated. India imports crude oil from more than 40 countries, the statement noted, adding that companies have “full flexibility to source oil from different sources and geographies based on commercial considerations.” It explained how oil trade operates: “Claims on vessel diversion ignore how oil trade works. Bills of Lading often carry indicative discharge ports destinations and on-sea cargoes can change destinations mid-voyage based on trade optimisation and operational flexibility.” The ministry added, “It is reiterated that India’s crude oil requirements remain fully secured for the coming months.” On LPG, the government dismissed similar concerns. “On LPG too, some claims being made are incorrect as LPG vessel Sea Bird carrying around 44 TMT Iranian LPG berthed at Mangalore, India on April 2 and is currently discharging,” the statement said. This marks the first time in years that India has openly confirmed buying energy supplies from Iran. Before 2019, Iran was a major supplier, accounting for up to 11-12% of India’s total crude imports in some years. Imports largely stopped after the United States withdrew from the JCPOA nuclear deal and reimposed sanctions, ending waivers for many countries, including India.

The Ministry of Petroleum and Natural Gas denied reports that an Iranian crude cargo had been diverted from Vadinar port in Gujarat to China due to “payment issues” and termed them factually incorrect. India imports crude oil from more than 40 countries, the ministry added.

India confirms it is importing Iranian crude and LPG

A US-sanctioned tanker carrying Iranian crude oil that had been heading to India has now changed its destination and is going to China. If the ship hadn't rerouted, it would have been the first Iranian crude shipment to India in nearly seven years. The Aframax tanker Ping Shun, built in 2002 and sanctioned by the US in 2025, is now signalling Dongying in China as its destination instead of Vadinar in Gujarat, which it had indicated earlier this week, according to ship-tracking firm Kpler.However, it is not yet confirmed that the destination that the ship’s Automatic Identification System (AIS) transponder is indicating is final.&nbsp;Also Read: <a href="https://www.wionews.com/world/gulf-states-seek-unsc-mandate-for-force-to-protect-hormuz-china-france-russia-may-veto-move-1775160810714">Gulf states seek UNSC mandate for force to protect Hormuz; China, France, Russia may veto move</a>&nbsp;The oil on Ping Shun would have been the first Iranian crude that India would have purchased since 2019. Indian refiners have been showing interest in buying a few cargoes of Iranian oil on water following the recent sanctions waiver by Washington.&nbsp;Some analysts say the reason for Pin Shun’s destination change appears to be some payment-related issue, as sellers have been tightening terms, moving away from the earlier 30–60 day credit window to an upfront or near-term settlement.&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/world/trump-fires-attorney-general-pam-bondi-after-criticism-over-epstein-files-releases-1775150955840">Trump fires Attorney General Pam Bondi after criticism over Epstein files releases</a>&nbsp;Iran remains cut off from SWIFT (Society for Worldwide Interbank Financial Telecommunication)—a global messaging network used by banks and financial institutions to securely send and receive information about financial transactions.&nbsp;Vadinar has a 20 million-tonne-a-year oil refinery run by Russian oil giant Rosneft-backed Naraya Energy.However, if the payment issue is sorted out, the cargo could still make its way to an Indian refinery.&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/world/-world-on-edge-of-wider-war-people-are-already-struggling-says-un-chief-antonio-guterres-1775149940522">‘World on edge of wider war, people are already struggling,’ says UN chief Antonio Guterres</a>&nbsp;India used to be a major buyer of Iranian crude and imported significant volumes of Iranian light and heavy grades due to strong refinery compatibility and favourable commercial terms.However, imports ceased in May 2019 after the tightening of sanctions in 2018. At the peak time, Iranian crude accounted for 11.5 per cent of India’s total imports.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/malda-sir-judicial-officers-hostage-case-mastermind-moffakkerul-islam-arrested-nia-takes-over-probe-1775219518033">Malda SIR judicial officers hostage mastermind Moffakkerul Islam arrested; NIA takes over probe</a>&nbsp;Last month, the US waived sanctions on the purchase of Iranian oil at sea for 30 days in an attempt to ease oil prices. The window is set to expire on April 19.An estimated 95 million barrels of Iranian oil are on vessels at sea, of which around 51 million barrels could be sold to India, while the remaining are better suited for buyers in China and Southeast Asia.Ping Shun is estimated to be carrying about 600,000 barrels of oil that was loaded from Kharg Island around March 4.&nbsp;&nbsp;&nbsp;

India used to be a major buyer of Iranian crude and imported significant volumes of Iranian light and heavy grades due to strong refinery compatibility and favourable commercial terms. However, imports ceased in May 2019 after the tightening of sanctions in 2018.

A US-sanctioned tanker carrying Iranian crude oil that had been heading to India has now changed its destination and is going to China. If the ship hadn't rerouted, it would have been the first Iranian crude shipment to India in nearly seven years. The Aframax tanker Ping Shun, built in 2002 and sanctioned by the US in 2025, is now signalling Dongying in China as its destination instead of Vadinar in Gujarat, which it had indicated earlier this week, according to ship-tracking firm Kpler. However, it is not yet confirmed that the destination that the ship’s Automatic Identification System (AIS) transponder is indicating is final. Also Read: Gulf states seek UNSC mandate for force to protect Hormuz; China, France, Russia may veto move The oil on Ping Shun would have been the first Iranian crude that India would have purchased since 2019. Indian refiners have been showing interest in buying a few cargoes of Iranian oil on water following the recent sanctions waiver by Washington. Some analysts say the reason for Pin Shun’s destination change appears to be some payment-related issue, as sellers have been tightening terms, moving away from the earlier 30–60 day credit window to an upfront or near-term settlement. Also Read: Trump fires Attorney General Pam Bondi after criticism over Epstein files releases Iran remains cut off from SWIFT (Society for Worldwide Interbank Financial Telecommunication)—a global messaging network used by banks and financial institutions to securely send and receive information about financial transactions. Vadinar has a 20 million-tonne-a-year oil refinery run by Russian oil giant Rosneft-backed Naraya Energy. However, if the payment issue is sorted out, the cargo could still make its way to an Indian refinery. Also Read: ‘World on edge of wider war, people are already struggling,’ says UN chief Antonio Guterres India used to be a major buyer of Iranian crude and imported significant volumes of Iranian light and heavy grades due to strong refinery compatibility and favourable commercial terms. However, imports ceased in May 2019 after the tightening of sanctions in 2018. At the peak time, Iranian crude accounted for 11.5 per cent of India’s total imports. Also Read: Malda SIR judicial officers hostage mastermind Moffakkerul Islam arrested; NIA takes over probe Last month, the US waived sanctions on the purchase of Iranian oil at sea for 30 days in an attempt to ease oil prices. The window is set to expire on April 19. An estimated 95 million barrels of Iranian oil are on vessels at sea, of which around 51 million barrels could be sold to India, while the remaining are better suited for buyers in China and Southeast Asia. Ping Shun is estimated to be carrying about 600,000 barrels of oil that was loaded from Kharg Island around March 4.

India used to be a major buyer of Iranian crude and imported significant volumes of Iranian light and heavy grades due to strong refinery compatibility and favourable commercial terms. However, imports ceased in May 2019 after the tightening of sanctions in 2018.

Ship carrying Iranian crude to Indian port in Gujarat reroutes to China

Global markets are on edge after Donald Trump vowed to hit Iran “extremely hard,” triggering a sharp spike in oil prices. Crude surged over 7–9%, while gas prices have already jumped nearly 36% in recent weeks. Investors fear prolonged conflict could disrupt supply routes, pushing fuel costs even higher and deepening global economic uncertainty.


Iran War: Oil Prices Explode After Trump’s Iran Speech 

The war in West Asia between the US, Israel and Iran has caused widespread disruption in crude oil trade, as Iran started attacking facilities in Gulf States and disrupted the trade via Strait of Hormuz. Beyond the obvious products, each gallon of crude oil results in multiple products

Crude oil is Black Gold: Iran war made us understand its importance, the hard way. How each barrel gives products we use daily

China has been preparing for a global energy crisis for years. It is paying off now amid an escalating Iran war, which has pushed global crude prices significantly higher. In this next report we decode China's planning and diversification of energy sources.
Take a look.

China Playing the Long Game Amid the Iran War

International Energy Agency (IEA) on Sunday (March 15) said strategic oil reserves will be released in Asia and Oceania "immediately" and as early as the end of March in America and Europe as the war in West Asia triggered a sharp rise in crude prices, forcing several countries to take emergency measures like rationing and prioritisation of gas and oil.&nbsp;The announcement comes after IEA member countries on March 11 agreed to release oil stockpiles to mitigate the sharp surge in oil prices caused by the escalating conflict in West Asia, marking the largest-ever response of its kind.&nbsp;"Individual implementation plans have been submitted to the IEA by member countries. These plans indicate that stocks will be made available by IEA member countries in Asia Oceania immediately," said the agency.&nbsp;"Stocks from IEA member countries in the Americas and Europe will be made available starting from the end of March," it added.&nbsp;According to the IEA, the total release amounts to more than 400 million barrels of reserve oil. Of this, governments have committed to make around 271.7 million barrels from their stocks, while industries pledged 111.6 million and 23.6 million from other sources.&nbsp;Such measures are termed an emergency stockpile release, the sixth such in the history of the global energy body and the first since the start of the Russia-Ukraine war in 2022.&nbsp;However, the announcement hasn't translated into a cooling of oil prices, which still hover around $100 per barrel, the highest since 2022 and significantly higher than $70 before the start of the war.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/assembly-elections-2026-ec-announces-poll-dates-for-west-bengal-tamil-nadu-kerala-assam-and-puducherry-1773573754642">Bengal to vote on April 23, 29; Tamil Nadu on April 23; Kerala, Assam, Puducherry on April 9; results on May 4</a>&nbsp;The IEA stressed that "the most important factor in ensuring a return to stable flows is the resumption of regular transit of shipping through the Strait of Hormuz," adding that "adequate insurance mechanisms and physical protection for shipping are key to the resumption of flows."&nbsp;Western economies coordinate their strategic oil stockpiles through the IEA, which was formed in 1974 after the oil crisis and now has 33 full members and 13 associate countries, including India and China.&nbsp;These developments come after Iran has effectively blocked the Strait of Hormuz since the beginning of the war on February 28, triggered by joint US-Israeli strikes targeting the top leadership of Iran, assassinating Supreme Leader Ayatollah Ali Khamenei on the opening day of the military campaign.&nbsp;In retaliation, Iran launched missile and drone attacks on US bases across the region. It announced the effective closure of the Strait, which accounts for nearly 20 per cent of global oil shipping, leading to a sharp rise in energy prices, with crude crossing $100 per barrel.&nbsp;US President Donald Trump is facing mounting domestic and international pressure as the conflict in West Asia triggered a global energy shock. He urged multiple countries, including China, France, South Korea and the UK to send warships to reopen the strait following a US military strike on Kharg Island, Iran's critical oil export hub, to push Tehran to reopen the Strait of Hormuz.&nbsp;&nbsp;(Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.)

The announcement hasn't translated into a cooling of oil prices, which still hover around $100 per barrel, the highest since 2022 and significantly higher than $70 before the start of the war.

International Energy Agency (IEA) on Sunday (March 15) said strategic oil reserves will be released in Asia and Oceania "immediately" and as early as the end of March in America and Europe as the war in West Asia triggered a sharp rise in crude prices, forcing several countries to take emergency measures like rationing and prioritisation of gas and oil. The announcement comes after IEA member countries on March 11 agreed to release oil stockpiles to mitigate the sharp surge in oil prices caused by the escalating conflict in West Asia, marking the largest-ever response of its kind. "Individual implementation plans have been submitted to the IEA by member countries. These plans indicate that stocks will be made available by IEA member countries in Asia Oceania immediately," said the agency. "Stocks from IEA member countries in the Americas and Europe will be made available starting from the end of March," it added. According to the IEA, the total release amounts to more than 400 million barrels of reserve oil. Of this, governments have committed to make around 271.7 million barrels from their stocks, while industries pledged 111.6 million and 23.6 million from other sources. Such measures are termed an emergency stockpile release, the sixth such in the history of the global energy body and the first since the start of the Russia-Ukraine war in 2022. However, the announcement hasn't translated into a cooling of oil prices, which still hover around $100 per barrel, the highest since 2022 and significantly higher than $70 before the start of the war. Also Read: Bengal to vote on April 23, 29; Tamil Nadu on April 23; Kerala, Assam, Puducherry on April 9; results on May 4 The IEA stressed that "the most important factor in ensuring a return to stable flows is the resumption of regular transit of shipping through the Strait of Hormuz," adding that "adequate insurance mechanisms and physical protection for shipping are key to the resumption of flows." Western economies coordinate their strategic oil stockpiles through the IEA, which was formed in 1974 after the oil crisis and now has 33 full members and 13 associate countries, including India and China. These developments come after Iran has effectively blocked the Strait of Hormuz since the beginning of the war on February 28, triggered by joint US-Israeli strikes targeting the top leadership of Iran, assassinating Supreme Leader Ayatollah Ali Khamenei on the opening day of the military campaign. In retaliation, Iran launched missile and drone attacks on US bases across the region. It announced the effective closure of the Strait, which accounts for nearly 20 per cent of global oil shipping, leading to a sharp rise in energy prices, with crude crossing $100 per barrel. US President Donald Trump is facing mounting domestic and international pressure as the conflict in West Asia triggered a global energy shock. He urged multiple countries, including China, France, South Korea and the UK to send warships to reopen the strait following a US military strike on Kharg Island, Iran's critical oil export hub, to push Tehran to reopen the Strait of Hormuz. (Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.)

The announcement hasn't translated into a cooling of oil prices, which still hover around $100 per barrel, the highest since 2022 and significantly higher than $70 before the start of the war.&nbsp;

Global energy body to release 400 million barrels of oil from reserves as West Asia war triggers energy crisis

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