The International Energy Agency said it has no immediate plans to tap emergency oil stockpiles despite the Middle East crisis, citing ample global supplies. IEA Executive Director Fatih Birol told reporters in Brussels that all options remain on the table but there are no plans for collective action at this stage.

Brent crude surged above $89 a barrel in London, the highest in nearly two years, as shipping through the Strait of Hormuz remains halted. US retail gasoline prices have reached their strongest level since 2024. The conflict, sparked by US and Israeli strikes on Iran in February, has roiled energy markets but prices remain below levels seen after Russia's 2022 invasion of Ukraine.

While some IEA member nations may pursue individual policies, the European Union told members this week that there's no justification to release strategic oil stocks. The US has cleared the way for India to temporarily increase Russian oil purchases, and the Trump administration has no immediate plans to tap the nation's emergency reserve. Birol described the current situation as a temporary logistical disruption rather than any oil shortage.