IEA chief says markets must brace for significant price surges if critical oil transit route remains closed, while IEA signals it's not ready yet to release more reserves, though the option is being evaluated

The IEA chief's warning about potential significant price surges highlights rising geopolitical risks affecting oil supply routes. This, paired with the IEA's hesitance to release more reserves despite evaluating the option, suggests market volatility ahead, impacting not just oil prices but broader commodity sentiment.