SPAIN-IRAN-US-ISRAEL-WAR-OIL

This photograph shows gas flares at the Repsol oil refinery in A Coruna, northwestern Spain, on March 11, 2026. The US-Israeli war on Iran has expanded across the Gulf and beyond, upending global energy markets and trade, and virtually halting traffic in the Strait of Hormuz, through which a fifth of the world's crude oil travels. The 32 member countries of the International Energy Agency (IEA) decided to unlock 400 million barrels of oil from their reserves - the biggest such release ever- to ease the impact of the Middle East war. (Photo by MIGUEL RIOPA / AFP via Getty Images)