**Global Oil Market on Edge as Iran Conflict Escalates - IEA Ready to Act** The ongoing conflict between Iran and the United States, with Israel also involved, has sent oil prices soaring, triggering concerns about global supply disruptions. As tensions escalate, the International Energy Agency (IEA) is on standby, ready to help stabilize the oil market. This development comes as Brent crude prices continue to rise, reaching a high of $85 per barrel on Tuesday, the highest since July 2024. In Nigeria, the price of petrol has already begun to feel the pinch. On Monday, the Dangote Petroleum Refinery adjusted its petrol price, and by Tuesday, several filling stations in Abuja had followed suit, increasing prices due to supply constraints and higher landing costs. The Strait of Hormuz, a critical chokepoint for global oil shipments, is at the center of the disruption, with gas and other petroleum product prices also on the rise. The IEA has emergency stockpiles of over one billion barrels, which it can draw upon when the market needs it. While oil production in the region remains largely unaffected, the agency is monitoring the situation closely, particularly flows through the Strait of Hormuz and liquefied natural gas production, which have been "significantly impacted". The IEA will hold an emergency meeting to assess developments in the Middle East, with a view to coordinating global releases of oil inventories if necessary. Although there are no immediate plans to release additional supply, the agency is prepared to act if the market requires it. This is not the first time the IEA has intervened in times of crisis, having coordinated five emergency stock releases in the past 35 years. In a move to calm the market, the OPEC+ alliance agreed to a modest production increase, with key members such as Saudi Arabia boosting exports. However, analysts say this move has not been enough to quell concerns, particularly as shipping constraints through the Strait of Hormuz limit supply flexibility. The IEA's preparedness to act is a reassuring sign for the global oil market, which is on edge due to the ongoing conflict in the Middle East.