The International Energy Agency authorized the release of 400 million barrels of emergency crude reserves on Wednesday following the effective closure of the Strait of Hormuz. The disruption stems from a regional conflict ignited on February 28, 2026, when a joint U.S.-Israeli strike killed Iran’s Supreme Leader Ayatollah Ali Khamenei, triggering retaliatory blockades that have severed roughly 20 percent of the world’s seaborne oil trade.
Brent crude prices reached $90 a barrel prior to the IEA intervention. The 400-million-barrel release is the largest in the agency’s history, surpassing the 182 million barrels released in 2022.
Japan announced it will release one month’s worth of state reserves beginning March 16. Germany, the United Kingdom, and Austria are unlocking millions of barrels to comply with the IEA directive.
IEA announces record 400 million barrel oil reserve release amid Iran conflict, surging prices https://t.co/D3Iw80VTO9
— Western Standard (@WSOnlineNews) March 11, 2026
The U.S. Central Command stated Tuesday that the U.S. military eliminated 16 Iranian mine-laying vessels near the Strait of Hormuz. The Trump administration requested Israeli forces halt strikes on Iran’s energy infrastructure.
The Pentagon reported 140 U.S. service members have been wounded since operations began. Eight of those service members are severely wounded. Saudi Arabia and the United Arab Emirates are intercepting Iranian ballistic missiles and drones.