The International Energy Agency (IEA) has announced the largest oil reserve release in its history to stabilize crude prices amid tensions in the Middle East. The historic decision comes after US and Israeli attacks on Iran disrupted oil supplies, threatening global markets. IEA members agreed unanimously to release about 400 million barrels of emergency crude. This amounts to one-third of the group’s total government reserves and more than double the agency’s previous largest release. By comparison, the 2022 release following Russia’s invasion of Ukraine totaled 182 million barrels. Fatih Birol, executive director of the IEA, said global energy markets require a global response. He emphasized that “energy security is the founding mandate of the IEA,” praising members for taking decisive action together. The emergency oil stocks will be released gradually, depending on each country’s circumstances. This release aims to offset the daily loss of roughly 15 million barrels of crude caused by blockages in the Strait of Hormuz, a key artery for international oil trade. The United Kingdom announced it would release 13.5 million barrels from its reserves, which are largely held by private companies under government agreements. These stocks are stored in refineries, terminals, power stations, and offshore fields, with around 15% kept overseas in the Netherlands, Belgium, and Germany. Japan, which depends on the Strait of Hormuz for 70% of its oil imports, plans to release 80 million barrels from both national and private reserves starting March 18. South Korea will contribute 22.46 million barrels, while Germany will release 19.51 million barrels. Germany’s economy minister, Katherina Reiche, stated the country supports the IEA’s principle of “mutual solidarity.” The release is equivalent to about 26 days of oil normally transported through the Gulf, where trade has slowed due to ongoing threats of attacks from Tehran. Since the start of the conflict, at least 13 commercial vessels have been targeted, with three attacked recently, fueling fears of crude reaching $200 per barrel. The IEA, founded after the 1970s Middle East oil crisis, requires members to hold at least 90 days of crude reserves for emergencies. Currently, IEA members control over 1.2 billion barrels of public emergency stocks, with an additional 600 million barrels held by industry under government obligations. While no G7 countries have faced immediate oil shortages, prices have been volatile. Brent crude briefly surged to $119.50 per barrel, the highest since 2022, before dropping. On Wednesday, Brent crude rose nearly 4% to over $91 per barrel, reflecting ongoing investor concerns. Analysts from Macquarie estimated that the 400-million-barrel release represents about four days of global oil production and 16 days of the crude volume normally transported through the Gulf. The coordinated release by IEA members is designed to reassure markets and provide a buffer against further supply shocks. This emergency intervention underscores the importance of global cooperation in energy security, particularly during geopolitical crises. By acting swiftly, IEA members aim to stabilize markets and ensure continued access to oil, preventing wider economic disruption. The historic move is a test of international coordination and demonstrates the IEA’s ability to respond to major crises. Energy experts note that while the immediate release may ease market pressures, long-term stability will depend on ongoing diplomatic efforts and safe passage through critical shipping routes.