The International Energy Agency is consulting with governments in Asia and Europe on the release of more stockpiled oil “if necessary” due to the Iran war, Executive Director Fatih Birol said on Monday.

“If it is necessary, of course, we will do it. We look at the conditions, we will analyse, assess the markets and discuss with our member countries,” Birol told the National Press Club in Canberra, at the start of a world tour.

IEA member nations agreed on March 11 to release a record 400 million barrels of oil from strategic stockpiles to combat the spike in global crude prices. The drawdown represented 20 per cent of overall stocks.

There would not be a specific crude price level to trigger another release, Birol said.

“A stock release will help to comfort the markets, but this is not the solution. It will only help to reduce the pain in the economy.”

The IEA chief began his world tour in Canberra as the Asia Pacific is at the forefront of the oil crisis, he said, given its reliance on oil and other crucial products like fertiliser and helium transiting the Strait of Hormuz.

After meeting Australian Prime Minister Anthony Albanese, Birol will travel to Japan later this week before a Group of Seven meeting.

‘Very severe’

He described the crisis in the Middle East as “very severe” and worse than the two oil shocks of the 1970s, as well as the impact of the Russia-Ukraine war on gas, put together.

The war on Iran had taken 11 million barrels of oil per day from global supply, more than the two prior oil shocks combined.

“The single most important solution to this problem is opening the Hormuz Strait,” he said.

“The depth of the problem was not well appreciated by the decision makers around the world,” he said of his decision to begin speaking publicly three weeks into the war.

Stockpile drawdowns are only a portion of what the IEA could do, he said.

Measures outlined by the IEA, such as lowering speed limits or implementing work-from-home measures, had reduced energy use when implemented in Europe in 2022, but each nation would need to decide how best to enact fuel savings, Birol said.

He said that while Australia’s liquid fuel holdings were lower than IEA regulations, the current government had done much to improve them and that 30 days of diesel was a “solid number”

US President Donald Trump has ordered a temporary halt to planned military strikes on Iranian energy infrastructure, following what he described as “productive” discussions with Tehran.

Trump said the US military would postpone any attacks on Iranian power plants and energy facilities for five days, signalling a potential window for de-escalation in the ongoing conflict.

“Based on the tenor and tone of these in depth, detailed, and constructive conversations, which will continue throughout the week, I have instructed the Department of War to postpone any and all military strikes against Iranian power plants and energy infrastructure for a five-day period, subject to the success of the ongoing meetings and discussions,” he wrote on Truth Social.

The decision is linked to continued diplomatic engagement between Washington and Tehran, with the pause aimed at allowing further negotiations to take place.

The move comes amid heightened regional tensions, where energy infrastructure has emerged as a key flashpoint, fuelling concerns over global oil supply and broader market stability.

An Air Canada Express jet collided with a fire truck while landing at New York’s LaGuardia airport late on Sunday, killing both pilots, injuring dozens and closing the airport, authorities said, in an incident likely to intensify scrutiny after a series of recent aviation lapses.

The Air Canada Express CRJ-900 plane, operated by its regional partner Jazz Aviation, was carrying 72 passengers and four crew members from Montreal, Canada, said Kathryn Garcia, the executive director of the Port Authority of New York and New Jersey. Jazz is owned by Chorus Aviation.

Garcia said 32 of the 41 injured had been released, while nine remained in hospital with “serious injuries.” Those injured included passengers, crew members and the two officers aboard the fire truck; both officers remained hospitalised with non-life-threatening injuries.

Fire truck was cleared to cross runway

Garcia said the fire truck was responding to a separate United Airlines aircraft that had “reported an issue with odor.”

Minutes earlier, air traffic control (ATC) audio from LiveATC.net indicated that a United Airlines flight had declared an emergency due to an odor onboard. Controllers advised the crew that fire trucks were already on site.

A second transmission then shows a fire truck was cleared to cross Runway 4, where the collision occurred, at taxiway ‘Delta.’

Moments later, according to the ATC audio, a controller can be heard saying: “Stop, stop, stop, truck 1 stop, truck 1, stop.”

The aircraft struck the fire vehicle at a speed of about 24 miles per hour (39 kph), according to flight tracking website Flightradar24, which last recorded data at 11:37pm ET (0337 GMT).

Photos taken by Reuters after the accident showed visible damage to the nose of the plane, which was tilted upward.

Air Canada referred Reuters to Jazz’s statement and said it was aware of the incident. Jazz had earlier acknowledged the collision and said it would provide further details when available.

Flights cancelled, delays expected

The US National Transportation Safety Board (NTSB) said it was deploying a team of technical experts to investigate the incident, while the US Federal Aviation Administration (FAA) said the airport was expected to remain shut until 2pm ET (1800 GMT) on Monday.

The closure of one of New York’s busiest airports will add to travel disruption caused by the weeks-long partial government shutdown. Absences among transportation security workers have soared, leading to lengthy lines for passengers at major US airports.

New York City’s emergency notification system said people could expect cancellations, road closures, traffic delays and emergency personnel near the airport.

About 537 flights had been canceled at the airport so far on Monday, according to tracking website FlightAware.

LaGuardia served more than 30 million annual passengers in 2025, according to the Port Authority of New York and New Jersey, and a wide range of US airlines operate at the airport.

Recent incidents

According to the FAA, there have been 97 runway incursions in January this year, compared to 133 incidents during the same period last year.

A bipartisan group of U.S. House lawmakers last month proposed legislation to address 50 aviation safety recommendations issued after a year-long investigation into the January 2025 collision between an American Airlines regional jet and a US Army Black Hawk helicopter that killed 67 people.

Last year also saw a UPS cargo plane crash shortly after takeoff in Louisville, Kentucky, killing seven and injuring 11 on the ground.

Emirates has issued a travel advisory for passengers departing from Dubai International Airport (DXB), warning of potential disruptions due to expected adverse weather conditions between March 23 and 27, 2026.

In a post on X, the Dubai-based carrier urged customers travelling during this period to check their flight status in advance and plan their airport arrival accordingly.

“Dubai is expecting adverse weather conditions between 23 and 27 March 2026. If you’re travelling with us out of DXB during this period, check the status of your flight before travelling to the airport,” the airline said.

Passengers have been advised to arrive at least two hours before their scheduled departure time, allowing for potential delays linked to weather-related operational challenges.

Emirates also emphasised the importance of ensuring that booking contact details are up to date, enabling the airline to share real-time updates and notifications regarding any schedule changes.

The advisory comes as the UAE experiences a spell of unstable weather, with forecasts indicating cloud cover, rainfall and a drop in temperatures across several emirates.

Read: Rain prompts temporary closure of parks in Sharjah and Ajman

Gold slid more than 8 per cent on Monday to hit its lowest level in four months, after logging its biggest weekly loss in about 43 years last week, as an escalating Middle East conflict stoked inflation concerns and raised expectations of higher global interest rates.

Spot gold declined 6.3 per cent to $4,203.21 per ounce by 0757 GMT, extending losses into a ninth straight session. It had shed more than 8 per cent to $4,097.99 earlier in the session to its lowest level since November 24.

Read more-Gold slips as dollar strengthens, rate cut hopes fade

The metal dropped more than 10 per cent last week, its steepest weekly loss since February 1983, and has also retreated about 25 per cent from its record peak of $5,594.82 an ounce reached on January 29.

US gold futures for April delivery dropped 8.1 per cent to $4,205.10,

“With the Iranian tensions into its fourth week, and oil prices hanging around the $100 level, expectations have pivoted from rate cuts to potential rate hikes, which have tarnished gold’s appeal from a yield point of view,” said Tim Waterer, chief market analyst, KCM Trade.

Iran said on Sunday it would strike the energy and water systems of its Gulf neighbours in retaliation if US President Donald Trump followed through with his threat to hit Iran’s electricity grid.

Asian shares fell, and oil prices stayed above $110 a barrel.

“Gold’s high liquidity appears to be hurting it during this risk-off period. Downturns in stock markets are leading to gold portions being closed to cover margin calls on other assets,” Waterer said.

The closure of the Strait of Hormuz has kept crude elevated, stoking inflation fears by pushing up transport and manufacturing costs.

While rising inflation typically boosts gold’s appeal as a hedge, high rates curb demand for the non-yielding asset.

“A reinforced shift from safe-haven allocation towards macro-driven positioning could skew risks further to the downside, as a firmer US dollar and the receding probability of the Fed easing dominate the narrative,” said BMI, a unit of Fitch Solutions.

Market pricing for a US Federal Reserve rate hike this year has shot up, with rate futures showing the US central bank is more likely to raise interest rates than cut them by the end of 2026, according to CME’s FedWatch tool.

Other precious metals also declined sharply, with spot silver declining 6.1 per cent to $63.66 per ounce and platinum slipping 6.4 per cent to $1,799.25. Both metals earlier hit their lowest levels since mid-December.