International Energy Agency (IEA) Executive Director Fatih Birol said the agency's decision to release 400 million barrels of oil from global strategic reserves has already had a "strong impact" on energy markets, which he said are in a "highly critical period" following Iran's closure of the Strait of Hormuz. Yesterday, the agency recommended the move to "soften one of the most severe oil shocks since the 1970s" — the largest intervention of its kind in history.