Amid the Iran‑Israel conflict that has choked the Strait of Hormuz, the International Energy Agency urged immediate demand cuts. It warned that oil prices have surged past $100 a barrel as the war triggers the “largest supply disruption in oil market history.” The agency says fewer miles and flights are essential to temper the shock and could shave billions off annual energy bills.

The IEA paired demand advice with supply moves, noting members such as the US, UK and Japan will inject a record 400mn barrels into the market while Washington eases some Russian‑oil sanctions. Yet officials stress that extra supply cannot fully offset the scale of the disruption, making consumer‑focused demand management a necessary complement.

Governments have already taken divergent steps. Pakistan and the Philippines introduced a four‑day workweek for civil servants; Thailand and Vietnam are promoting remote work. Italy, by contrast, slashed fuel taxes 20% for an initial 20‑day period, a move economists argue fuels consumption rather than conservation. The IEA concludes that broad adoption of its recommendations would blunt price spikes and protect household budgets this quarter.