The International Energy Agency (IEA) has stated that simply increasing oil supply will not be enough to counteract the surge in oil prices caused by the ongoing U.S.-Israeli conflict with Iran. In a recent report, the agency has outlined immediate demand-side measures which include encouraging remote work where possible, reducing highway speed limits by at least 10 kilometers per hour, and avoiding air travel if alternatives are available. These measures aim to mitigate the burden of rising energy costs on consumers.

On March 11, the IEA announced the release of a record 400 million barrels from strategic oil reserves to help alleviate the pressure on markets and consumers feeling the sting of increased fuel prices exacerbated by the conflict in the Middle East. The swift and coordinated response reflects the agency's recognition of the severe challenge posed by energy price inflation in light of geopolitical tensions.

In its analysis, the IEA indicated that the conflict has resulted in the most significant disruption of global oil supplies in history, with shipping through the Strait of Hormuz—responsible for about 20% of the world's oil consumption—restricted to a very limited capacity. The situation raises urgent concerns over not only energy supply but also contributes to broader inflationary pressures affecting the global economy.