IEA triggers record release of 400 million barrels of oil as Iran war chokes global supply

2 minutes of readingUpdated: Mar 12, 2026 02:21 pm IST

In a move to reduce crude oil prices, the International Energy Agency agreed to release a record 400 million barrels of oil – the most in its history – from strategic reserves.

The United States will take the lead by providing 172 million barrels, according to US Energy Secretary Chris Wright.

Oil prices have soared as the US-Israel war with Iran escalated, closing the Strait of Hormuz, the preferred gateway for oil supplies to countries around the world. On Wednesday, Iran said the world should prepare for further increases in the price of oil to $200 a barrel as its forces continue to attack merchant ships in the strait.

The release would exceed the 182 million barrels of oil that the IEA had pumped to the market in two batches in 2022 during the Russia-Ukraine war, the WSJ said.

The IEA said all 32 member countries supported this sixth coordinated release of reserves since the agency’s creation in the 1970s. “President Trump promised to protect America’s energy security by responsibly managing the Strategic Petroleum Reserve and this action demonstrates his commitment to that promise,” Wright said in a press release.

“The oil market challenges we face are of unprecedented scale, therefore I am very pleased that IEA member countries have responded with collective emergency action of unprecedented size,” said IEA Executive Director Fatih Birol.

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