The International Energy Agency stands prepared to release additional oil stockpiles if needed, though officials hope such action will not be necessary, IEA head Fatih Birol said.

Speaking at an Atlantic Council event, Birol stated the agency remains ready to act if the energy shock from the war with Iran requires intervention.

The conflict has caused the worst global energy disruption on record, Birol said. More than 80 oil and gas facilities, including production sites, terminals and refineries, have sustained damage from the war with Iran, according to the IEA chief.

The agency has not yet determined whether another stockpile release will be required to stabilize markets.
Source: Investing.com