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Story summary
- The ongoing U.S.-Israeli conflict with Iran disrupted global oil supply, focusing on the Strait of Hormuz, which carries about 20% of the world's oil.
- Iran's Revolutionary Guard has threatened to block all oil shipments, contributing to prices around $100 per barrel.
- The International Energy Agency announced a 400 million barrel release from reserves to stabilize the market.
- Asian economies rely on this route and face production cuts and inflation.
