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‘Unprecedented’ agreement releases emergency oil reserves as gas prices spark concerns

March 12, 2026

After deliberating and assessing the global oil market situation in the face of Middle Eastern conflicts stemming from the United States’ attack on Iran, 32 different developed nations agreed to make an “unprecedented” move to help address “oil market challenges.”  The International Energy Agency (IEA) held an emergency meeting at its Paris headquarters Tuesday with energy representatives from the cohort of G7 countries, to “assess market conditions,” which...

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