Axios

Plans for historically large releases from emergency oil stockpiles reveal the scope of the energy crisis — and the market response reveals President Trump's limited options for tackling it.

Why it matters: The 400-million-barrel infusion over time from International Energy Agency member countries — including a big dose from U.S. holdings — likely won't push prices down by itself.

Energy Secretary Chris Wright said Wednesday the International Energy Agency "unanimously" agreed to President Trump's request to coordinate the release of 400 million barrels of oil and refined products from its reserves.

Why it matters: Consumers are seeing significant price jumps at the pump — and Republicans recognize offsetting that increase is crucial ahead of the 2026 midterm elections.

There's "growing momentum to establish a naval protection system" in the Strait of Hormuz as Iran's military escalates attacks on commercial ships, Eurasia Group says.

The big picture: U.S. Central Command warned "the Iranian regime is using civilian ports along the Strait of Hormuz to conduct military operations that threaten international shipping" and put lives at risk.