Oil Prices Soar, Leaders Scramble for Relief

0:00On April 1st, oil and gas prices are through the roof in Europe and beyond, thanks to the Iran War that's knocked out massive supplies from the Persian Gulf. The EU's Energy Commissioner just warned that even if peace hits tomorrow, we won't see normal levels anytime soon because of all the damage to refineries, pipelines, and tankers stuck in the strait. Leaders are pulling out all the stops to fight back. The International Energy Agency kicked off its biggest ever release of emergency reserves, 400 million barrels from 32 countries. President Trump tapped the strategic petroleum reserve, lifted sanctions on Russian and Iranian crude, and even waved the Jones Act to let foreign. Ships move oil and gas around US ports faster. Folks are feeling the pinch hard, with crude topping $100 a barrel and average US gasoline at $4.06 a gallon. Consumers are scrambling as prices spike everywhere from Los Angeles to Frankfurt, and global heads of state are racing to ease the pain before it, spirals worse.

1:04But experts say these moves aren't enough yet. Most spare oil is trapped inside the Persian Gulf, blocked from markets, and reopening the strait of Hormuz is the key to real relief. Lifting sanctions helps clear some stored barrels, but it doesn't flood the market overnight. US production can wrap up quick either, since drilling new wells takes time, and refineries here need heavy crude from abroad. Not just our light. Stuff. If this drags on another six weeks, we're talking serious global trouble, so everyone's watching that strait closely for the next break. From around the world, powered by AI, this is Global News Today. I'm Corey with The Story.