The coordinated action—announced March 11—marks the largest emergency release in the IEA’s 52-year history and reflects mounting concern among major economies that the Middle East conflict could escalate into a full-scale global energy shock.

The 32-member countries of the Paris-based agency unanimously agreed to make crude from strategic reserves available to markets in response to collapsing export flows through the Strait of Hormuz, the narrow waterway connecting the Persian Gulf to the Gulf of Oman.

IEA Executive Director Fatih Birol said the scale of the disruption demanded an unprecedented response. “Oil markets are global, so the response to major disruptions needs to be global too,” Birol said in the agency’s statement announcing the decision.

The emergency stocks will come from strategic reserves that exceed 1.2 billion barrels across IEA member countries, supplemented by roughly 600 million barrels of industry-held emergency inventories mandated by governments.

The release comes as shipping through the Strait of Hormuz—normally responsible for about 20 million barrels per day of crude and petroleum products—has collapsed to less than 10% of normal levels since the conflict escalated in late February.

Markets reacted quickly to the announcement but remain volatile. As of late morning in U.S. trading Wednesday, West Texas Intermediate crude hovered near $85.09 per barrel, while Brent crude traded around $90.79 per barrel after swinging sharply earlier in the week.

Brent crude prices at 11:11 a.m. EST on March 11, 2026. Image source via Tradingview.

The current crisis began Feb. 28 when U.S. and Israeli forces launched strikes on Iranian military and energy infrastructure, triggering retaliatory attacks from Tehran that included mining shipping lanes, targeting tankers and restricting movement through the Strait of Hormuz.

Iranian military officials are warning that $200 barrels of oil will come to fruition.

Iranian military officials have also warned that oil prices could climb dramatically if the conflict intensifies. Ebrahim Zolfighari, spokesperson for Iran’s Khatam al-Anbiya Central Headquarters, said in a March 9 video message that continued attacks on Iranian energy infrastructure could push global oil prices to $200 per barrel.

“If they can afford the price of oil at $200 per barrel, let them keep playing this game,” Zolfighari said, referring to U.S. and Israeli strikes on Iranian fuel depots and refineries near Tehran.

Other figures within the Islamic Revolutionary Guard Corps have echoed the warning. IRGC adviser Ebrahim Jabbari previously claimed Iran had effectively closed the Strait of Hormuz and threatened to target ships and pipelines serving the United States or Israel.

Those statements have amplified fears that the conflict could widen beyond military targets and into economic warfare aimed at the global energy system.

Oil traders have already seen dramatic swings this week. Brent crude briefly climbed above $100 per barrel—approaching $120 at one point—before retreating as governments began discussing coordinated reserve releases.

Analysts note the IEA’s massive drawdown could temporarily stabilize prices but may only offset part of the disruption if the Strait of Hormuz remains largely closed.

Strategic stock releases have historically been rare tools used during extreme crises. Previous coordinated actions occurred during the 1991 Gulf War, Hurricane Katrina in 2005, the Libya conflict in 2011 and twice in 2022 after Russia’s invasion of Ukraine.

The 400-million-barrel action more than doubles the combined emergency releases deployed in 2022 and highlights the severity of the current supply shock.

Several governments have already confirmed participation. Germany and Austria said they would release portions of their national reserves, while Japan plans to contribute through both the IEA mechanism and its own national emergency program.

For now, global energy markets remain tightly focused on the Strait of Hormuz. Until traffic through the strategic chokepoint resumes, traders and policymakers alike are preparing for continued turbulence—and the possibility that oil could test much higher prices if the conflict spreads.

• Why did the IEA release 400 million barrels of oil?
  IEA member countries agreed to release strategic reserves to offset supply disruptions caused by the Middle East conflict and reduced oil flows through the Strait of Hormuz.
• What did Iran say about $200 oil prices?
  Iranian military spokesperson Ebrahim Zolfighari warned that continued attacks on Iran could push global oil prices to $200 per barrel.
• How important is the Strait of Hormuz to global oil supply?
  About 20 million barrels per day—roughly one-quarter of global seaborne oil trade—normally passes through the Strait of Hormuz.
• What are current Brent and WTI oil prices?
  As of March 11, Brent crude trades near $90 per barrel while West Texas Intermediate crude is around $85 per barrel.

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