U.S. imposes military blockade on Iranian ports in the Strait of Hormuz
The price of U.S. crude rose to $104.24 a barrel following the blockade announcement and Brent crude oil, the international standard, rose to $102.29.
Updated on: April 13, 2026 / 5:30 PM EDT / CBS News
International Energy Agency's leader warns high gas prices "are not reflecting the severity of the problem"
Fatih Birol , the executive director of the International Energy Agency (IEA), said Monday that there's a disconnect between gas prices and what he called "the largest energy security threat in history" because of the war with Iran.
"Prices are, in my view, already high, but they are not reflecting the severity of the problem," Birol said. "I think soon we will see that they will converge."
Speaking at a forum in Washington with the Atlantic Council , a nonpartisan American think tank, Birol said the 400 million barrels of oil the IEA released from emergency reserves wasn't a solution to the energy crisis.
"When and if we are going to release again, this will be depending on our assessment with discussion with our member countries," Birol said. "I very much hope we don't need to do it, but if it is needed, we are ready to act immediately."