The IEA agreed ​last month to release 400 million barrels of oil from reserves, the largest-ever coordinated release, in ​a bid to calm oil markets

The ‌head of the International Energy Agency, Fatih Birol, said on Monday he hopes another oil stockpile release is not needed, but added the agency was ready to act if the energy shock from the U.S.-Israeli war with Iran requires it.

The 32-member IEA agreed ​last month to release 400 million barrels of oil from reserves, the largest-ever coordinated release, in ​a bid to calm oil markets.

I hope, very much hope, we don’t ​need to do it, but if it is needed, we are ready to act, Birol said.

Birol reiterated at ​an Atlantic Council event in Washington that the war has resulted in the worst-ever global energy disruption and said more than 80 oil and gas facilities, including production, terminals and refineries across the Middle East, have been damaged. Benchmark oil prices are ​trading near $100 a barrel.

Due to the vast extent of the production shut-ins and closure of the ​Strait of Hormuz, the oil releases are “not a solution,” Birol said, “it’s just reducing the pain.”

Representing ​the IEA, Birol joined the ​heads of the World ⁠Bank and International Monetary Fund to launch a coordination group to respond to the energy and economic impacts of the Iran war.

The impact of the war is substantial, ​global and highly asymmetric, disproportionately affecting energy importers, particularly low-income countries, the ​institutions said in ⁠a joint statement.

Birol pointed to Iraq as an example of a country hit disproportionately hard. He said more than 90% of Iraq’s government revenues, which cover 50 million people’s salaries as well as pensions, rely on exports that ⁠have been ​curtailed by disruptions to the strait.

The IEA chief said his ​biggest takeaway from the war is that diversification is key for energy security.