IEA activates emergency oil reserve release as Strait of Hormuz blockade pushes Brent crude to $114

The International Energy Agency activates its emergency oil reserve release mechanism for the third time on approximately April 4, 2026, as the sustained Strait of Hormuz blockade pushes Brent crude to $114 per barrel. Multiple European governments and Japan announce voluntary fuel rationing measures. Airlines cancel routes and impose fuel surcharges of $80 to $120 per ticket. Approximately 20 percent of global oil supply passes through the Strait. The president can authorize releases from the U.S. Strategic Petroleum Reserve under the Energy Policy and Conservation Act. The economic spillover from the Iran war directly affects inflation, Fed policy, and domestic energy costs for ordinary Americans. Congress appropriates funds for SPR refilling.