International Energy Agency head Fatih Birol urged countries not to impose export bans on oil and fuel during the energy crisis triggered by the US-Israeli war on Iran. His veiled criticism targeted China, the only major nation to have prohibited exports of petrol, diesel, and jet fuel, despite worsening supply shocks as the Strait of Hormuz remains closed.

The IEA warns that some countries are already undermining its coordinated release of 400mn barrels from emergency reserves by stockpiling more energy. US inventories rose 5% year-on-year despite being the largest contributor to the IEA plan. China's crude stockpiles may reach 1.3bn barrels in April, significantly increasing its reserves.

The crisis continues to reshape global energy flows, with Birol warning that April could see twice the oil loss compared to March if Hormuz doesn't reopen. The situation has forced Saudi Arabia to reroute over two-thirds of its exports through a Red Sea pipeline. The IEA predicts this crisis will trigger another nuclear revival and accelerate EV adoption, while forcing the gas industry to rebuild its reputation.