Historic Oil Reserve Release Proposed to Steady Crude Prices Amid Middle East Tensions

The International Energy Agency has proposed its largest-ever release of oil reserves to control escalating crude prices amid the ongoing U.S.-Israel conflict with Iran, according to officials cited by the Wall Street Journal. The planned release would surpass the 182 million barrels previously disseminated during the 2022 Ukraine crisis.

IEA members convened for an emergency meeting to deliberate on the proposal, which requires unanimous approval to proceed. Meanwhile, G7 energy ministers urged IEA to further evaluate the situation while expressing general support for coordinated action, though the specifics of total volume and distribution remain under discussion.

The market reacted with declining U.S. crude and Brent crude futures following the report, triggered by the anticipation of potential releases. The decline follows a rise to near four-year highs earlier, partially influenced by President Trump's comments on a possible resolution to the Middle East hostilities.