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Reserves or no reserves, the outlook remains bleak as long as a major oil and gas trade route remains virtually closed.
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It comes as Iranian attacks on ships intensify in the crucial Strait of Hormuz waterway.
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The International Energy Agency announced that it would carry out its largest-ever release of oil reserves — 400 million barrels.
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Pressure has intensified on the strait, one of the world's most important shipping lanes, since Israel and the US attacked Iran late last month.
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