The International Energy Agency (IEA) has suggested an unprecedented release of oil reserves as a measure to combat the soaring prices of oil influenced by the ongoing conflict between the United States and Israel against Iran. This proposed release aims to exceed the 182 million barrels that member states had previously released in two phases during 2022 following Russia's full-scale invasion of Ukraine, showing the severity of the current situation.

An extraordinary meeting of IEA’s 32 member countries has been called for Tuesday, March 10, to debate this plan, with a decision expected on Wednesday. The proposal will advance unless there are objections from any member state; a single protest could delay the final decision. This urgency highlights the critical nature of the oil supply disruption caused by the near-total closure of the Strait of Hormuz, a major oil shipping route.

Earlier this week, energy ministers from the G7 nations failed to reach an agreement on releasing strategic oil reserves and instead asked the IEA to assess the current conditions. The IEA's proposal is a direct response to the significant disruption in oil supplies and reflects international efforts to stabilize the energy market amidst geopolitical tensions in the region.