Good morning from the Financial Times.
Today is Thursday, March 12th, and this is your FT News Briefing.
Will releasing more oil calm the market?
We're about to find out.
And investors are turning to U.S.
tech stocks for safety.
Yes, you heard that right.
Plus, we look at how the Iran war is threatening India's so-called Goldilocks economy.
The Gulf really sits at the center of India's economic network and that means
if there's instability there,
not just on energy supplies, it can really ripple through the economy.
I'm Mark Filippino and here's the news you need to start your day.
The International Energy Agency will launch its biggest release of strategic oil reserves in history.
It hopes to tamp down what it calls challenges in the oil market on a quote unprecedented scale.
Oil prices have soared since the US and Israel started attacking Iran nearly two weeks ago.
The IEA will unleash 400 million barrels of oil.
Now to put that into context,
that's more than double what it released after Russia's full-scale invasion of Ukraine in 2022.
The IEA's move comes as the U.S.
Development Finance Corporation announced it picked the insurer Chubb to help lead a coverage plan to reopen the Strait of Hormuz to global shipping.