As U.S.-Israel War in Iran Hits Global Economy, Nations Agree to Release Oil Reserves

On Wednesday, the International Energy Agency (IEA) announced 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.

The plan, aimed at stabilizing oil prices that have soared since the United States and Israel attacked Iran on Feb. 28, would deplete roughly one-third of global emergency stockpiles. The largest stockpile that would be tapped belongs to the United States, which currently has about 400 million barrels of crude in its Strategic Petroleum Reserve (SPR).

IEA Executive Director Fatih Birol said that the challenges being faced in the oil market are "unprecedented in scale." "Oil markets are global so the response to major disruptions needs to be global too," Birol said in a statement.

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