The International Energy Agency will make 400 million barrels of oil from emergency reserves available in its largest ever release.
It comes after Iran threatened to not allow “even a single liter of oil” to pass through the Strait of Hormuz for the U.S., Israel, or their allies.
A spokesperson for Khatam Al-Anbia, which operates the Revolutionary Guard-owned companies, said any ship or oil cargo that belongs to the U.S., Israel, or its allies will be a legitimate target.
Under normal circumstances, around 20% of the world’s oil and natural gas is shipped through the narrow channel that leads to the Persian Gulf. Fears about the geopolitical situation have caused the price of oil to swing wildly.
The conflict in the Strait of Hormuz escalated this week as Iran reportedly starting laying mines in the strait, and the U.S. responded by striking 16 mine-laying vessels.
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