West’s energy watchdog to release Oil incase of shortages

Oil prices jumped sharply after Israel launched a barrage of strikes across Iran on Friday, saying it had attacked nuclear facilities and missile factories and killed a swathe of military commanders in what could be a prolonged operation to prevent Tehran building an atomic weapon. Oil prices were trading 7% higher, their biggest daily spike since 2022 when Russia invaded Ukraine.While Israel has stopped short of targeting Iran’s energy facilities, market participants are wary the situation may escalate further leading to damage to energy infrastructure in Iran or its neighbours, as well as a blockade of the Strait of Hormuz.The West’s energy watchdog said on Friday it was ready to release oil stocks should the market experience shortages following Israel’s attack on Iran, drawing criticism from rival OPEC which said the statement would only create fear in the market. How long can 1.2 billion barrels of oil in strategic and emergency reserves sustain the world ?