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Nations agree to release oil reserves as war in Iran hits global economy

 What to know

The International Energy Agency announced a release of 400 million barrels of oil reserves to stabilize prices amid the U.S.-Israel war against Iran. The conflict, which began on Feb. 28, has escalated with Iran targeting Persian Gulf countries and controlling the Strait of Hormuz. The U.S. military has struck over 5,500 Iranian targets. French President Emmanuel Macron convened a G7 meeting to address the crisis.

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