Fatih Birol, executive director of the International Energy Agency (IEA), said on March 16 that in response to the global oil supply shortage caused by the military strikes by the US and Israel against Iran, the 32 member states unanimously agreed last week to release 400 million barrels of strategic oil reserves, the largest amount since the agency was founded in 1974. Birol said that the member states could release more strategic oil reserves to the market "if necessary". The IEA also warned that releasing strategic oil reserves is not a lasting solution. The most critical factor in restoring stability to the oil and gas markets is the resumption of navigation through the Strait of Hormuz. But even if the strait resumes navigation soon, it will take time for global energy trade to recover.