Iran’s attack on two vessels on the Gulf near Iraq marks a ‘direct and forceful’ response to the International Energy Agency’s announcement, an analyst has said.

The International Energy Agency, made up of major oil-consuming nations, advised releasing 400 million barrels from global strategic reserves to dampen one of the worst oil shocks since the 1970s.

400 million barrels is roughly what the world would consume in four days

Of the IEA’s decision, Trump said: “[It] will substantially reduce oil prices as we end this threat to America and the world.”

U.S. Energy Secretary Chris Wright said Trump had authorised the release of 172 million barrels from the U.S. Strategic Petroleum Reserve from next week.

Last night, explosion-filled Iranian boats attacked vessels on the Gulf near Iraq.

Tony Sycamore, an analyst at IG said:

This appears to mark a direct and forceful Iranian response to the IEA’s overnight announcement of a massive strategic reserve release aimed at cooling runaway prices.