Similar warnings have been issued across countries worldwide. In the U.K., motoring groups such as the AA have called on drivers to cut “non-essential journeys,”<\/a> and change their driving style to conserve fuel. <\/p>\n Vietnam’s Ministry for Industry and Trade<\/a> encouraged businesses to adopt remote working arrangements and reduce travel and transport demand to ensure national energy security. <\/p>\n Meanwhile, the Philippine government implemented a temporary\u00a0four-day workweek<\/a> in certain executive branches to conserve energy and reduce fuel use. <\/p>\n Concerns over oil prices have remained elevated this week, as oil shipments through the\u00a0Strait of Hormuz<\/a> ground to a halt due to the\u00a0threat of Iranian attacks<\/a>\u00a0on vessels. A potential inflation spike could follow if the passage remains closed, and threatens to raise the cost of living, from petrol to groceries. <\/p>\n Oil prices jumped over 8% to more than $100 per barrel earlier on Thursday. The\u00a0West Texas Intermediate<\/a>\u00a0was last up 4.6% to $91 per barrel, while global benchmark\u00a0Brent<\/a>\u00a0was trading nearly 5% higher at $96. <\/p>\n To assuage these fears, the International Energy Agency<\/a> on Wednesday agreed to release 400 million barrels of oil to address the supply disruption triggered by the Iran war. <\/p>\n The IEA, which represents 32 member countries across Europe, North America, and northeast Asia, said the reserves would be released over a specific time frame, depending on the needs of its member countries. <\/p>\n Meanwhile, the U.S announced that it would release 172 million barrels<\/a>\u00a0from its Strategic Petroleum Reserve, with shipments expected to begin next week and take roughly 120 days to complete. <\/p>\n![\"Oil](\"https:\/\/www.europesays.com\/iran\/wp-content\/uploads\/2026\/03\/108276986-17732790971773279092-44512563119-1080pnbcnews.jpg\")
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