World leaders raced to stabilize global oil markets as attacks on ships in the Strait of Hormuz intensified the Middle East conflict. The International Energy Agency announced an unprecedented release of 400 million barrels from strategic reserves, the first coordinated action since Russia's 2022 invasion of Ukraine. This emergency measure aims to offset potential supply disruptions through the vital waterway.

Oil prices surged as three vessels were damaged near the strait, where one-fifth of global oil transits daily. The United States plans to release 172 million barrels from its reserves over four months starting next week. Gas prices in the United States hit $3.58 per gallon, marking an 11th consecutive day of increases. The coordinated effort includes Britain, Germany, Japan and other IEA members.

The attacks signal escalating tensions, with Iran warning that vessels must obtain permission to pass through the strait. A Thai-flagged bulk carrier caught fire after being struck, with 20 crew members rescued by Oman's Navy. The Trump administration has ordered strikes on Iranian mine-laying vessels, raising fears of further disruptions to global energy supplies.