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The world in brief

Catch up quickly on the global stories that matter

Updated less than 1 hour ago

This photograph shows Oil facilities and fuel storage at a refinery in Martigues, southern France. The 32 member countries of the International Energy Agency (IEA) decided on March 11, 2026 to unlock 400 million barrels of oil from their reserves.
Photograph: Getty Images

Oil prices rose despite the International Energy Agency announcing it would release an unprecedented 400m barrels of oil from its reserves. Brent crude, the global oil benchmark, jumped back past $100 a barrel during early trading in Asia. The blockade of the Strait of Hormuz has curtailed global oil supply by roughly 20m barrels a day.

The Islamic Revolutionary Guard Corps, the Iranian regime’s security force, warned countries to “get ready for oil to be $200 a barrel”. Iran struck two oil tankers in the Persian Gulf, setting them ablaze and killing at least one crew member. Iran’s president said America and Israel could only end the war if they guarantee against future aggression. Meanwhile Israel launched an “expansive wave of strikes” on Beirut, Lebanon’s capital.