The International Energy Agency (IEA) decided on Wednesday, March 11, 2026, to release 400 million barrels of oil.
This oil comes from emergency reserves held by member countries.
The action is a response to major disruptions in global oil supply.
These disruptions are linked to a conflict involving the United States, Israel, and Iran.
The Strait of Hormuz, a key waterway for oil transport, is reportedly affected by the crisis.
The IEA stated this is the largest coordinated release of oil reserves ever.
The agency aims to ease concerns about the availability of oil worldwide.
This release is intended to help stabilize oil prices and ensure continued supply to the market.