The International Energy Agency has agreed to release 400 million barrels of oil from strategic reserves as the U.S.-Israeli attack on Iran roils energy markets. That’s more than double the amount of oil released in 2022, after Russia’s full-scale invasion ⁠of Ukraine. It comes as Iran’s Islamic Revolutionary Guard Corps says it will not allow “a liter of oil” through the Strait of Hormuz, with an IRGC spokesperson warning, “Expect oil at $200 per barrel.” Saudi Arabia is ramping up crude oil flow through its pipeline from the kingdom’s eastern coast to a port on the Red Sea. But oil production experts say that will not be enough to address fuel shortages if Iran targets the pipeline — or if Yemen’s Houthis resume attacks on vessels in the Red Sea.

On Wednesday, House Speaker Mike Johnson called the spike in gas prices “temporary.”

Speaker Mike Johnson: “I think the — the mission is being achieved, is nearly completed, and the commander-in-chief himself said, in the last 24 hours, that it will come to a close. So, gas prices will readjust after that. … This is a temporary blip in an extraordinary trend of a return to American energy dominance.”