International Economic
IEA okays record oil reserve release amid Iran war supply crisis
By Frank Prenesti
Date: Wednesday 11 Mar 2026
(Sharecast News) - The International Energy Agency on Wednesday ordered the release of 400 million barrels of oil reserves - the largest in its history - to help ease the supply and price spike crisis caused by the US-Israeli attacks on Iran.
Oil prices had fallen overnight as reports emerged the energy watchdog's 32 members were set to approve the release of a third of the group's total government stockpiles.
The emergency intervention far outstrips the 2022 release of 182m barrels of oil by IEA countries after Russia's full-scale invasion of Ukraine. Export volumes of crude and refined products are currently at less than 10% of pre-conflict levels, forcing operators across the region to shut in or curtail a substantial amount of production.
"Oil markets are global so the response to major disruptions needs to be global too. Energy security is the founding mandate of the IEA, and I am pleased that IEA members are showing strong solidarity in taking decisive action together," said IEA executive director Fatih Birol.
"The oil market challenges we are facing are unprecedented in scale, therefore I am very glad that IEA Member countries have responded with an emergency collective action of unprecedented size."
The IEA said the emergency stocks would be made available to the global market over a timeframe appropriate to the national circumstances of each member, bolstered by supplementary emergency measures from some countries.
A block on crucial shipments through the Strait of Hormuz has led to the loss of around 15m barrels of crude a day since the US and Israel started their war on Iran on February 28.
Prices edged higher on Wednesday on reports that three vessels had been hit by "projectiles" in the Strait of Hormuz amid reports that Iran was laying mines in the key waterway.
The UK Maritime Trade Operations service reported vessels had been struck off Dubai, the UAE coast and north of Oman, where the crew had been evacuated.
US officials claimed military strikes had destroyed 16 mine-laying vessels in the strait, which accounts for 20% of global oil shipments and has been closed since the war started almost two weeks ago.
Oil prices hit $119.50 a barrel at the start of this week before plunging below $90 on reports the IEA was preparing to act. Economists fear a spike in inflation and falling share markets if the war continues.
IEA members hold 1.2 billion barrels in public stocks, plus another 600 million in mandatory commercial inventories, Birol said on Monday.
Reporting by Frank Prenesti for Sharecast.com
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