00:00It's Benzinga bringing Wall Street to Main Street.
00:02The International Energy Agency proposed releasing 400 million barrels of oil from
00:07member reserves to counter rising crude prices during the U.S.-Israel war with Iran,
00:11according to the Wall Street Journal. The proposal circulated at an emergency meeting
00:16of energy officials from the agency's 32 member countries on Tuesday,
00:20and countries are expected to decide on Wednesday. The release would more than double the 182 million
00:25barrels released in 2022 after Russia invaded Ukraine. The plan aims to offset disruptions
00:31from the near-total closure of the Strait of Hormuz, where Iranian attacks on tankers have
00:36halted shipments that normally carry about one-fifth of global oil supply. Oil prices have
00:41surged as much as 40% since February 28th and recently traded below $84, while diesel prices
00:47continued rising. For all things money, visit Benzinga.com.
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