Global energy markets shift as conflict with Iran continues

The ongoing conflict with Iran is forcing major changes in global energy markets. Oil and gas buyers are looking for new suppliers, and some countries are releasing emergency oil reserves to try to keep prices stable.

Key energy companies and officials are reacting. Qatar's energy chief said he had warned about the risks of provoking Iran. Japanese energy company Jera expects buyers to turn more to suppliers in the U.S. and Canada. Meanwhile, Iraq is trying to negotiate with Iran to reopen a major oil shipping route through the Strait of Hormuz.