Nations agree to release oil reserves as war in Iran hits global economy

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Democracy Dies in Darkness

The International Energy Agency announced that it would carry out its largest-ever release of oil reserves — 400 million barrels.

Updated

March 11, 2026 at 10:55 a.m. EDT3 minutes ago

Oil tankers and cargo ships line up in the Strait of Hormuz as seen from Mina al-Fajer, United Arab Emirates, on Wednesday. (Altaf Qadri/AP)

DUBAI — The International Energy Agency on Wednesday announced that it would carry out its largest-ever release of oil reserves — 400 million barrels — in a bid to control spiking energy prices caused by the United States-Israel war against Iran.

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