The International Energy Agency (IEA) has just launched a historic plan to protect the global economy from a massive energy crisis.
On Wednesday, March 11, 2026, the group announced it will release 400 million barrels of oil from its emergency reserves.
This is the largest release in the group’s history, double the previous record set during the 2022 Ukraine crisis.
The move comes as the US-Israel war with Iran, known as “Operation Epic Fury” enters its twelfth day. The conflict has essentially shut down the Strait of Hormuz, a vital waterway that handles about one-fifth of the world’s oil.
With shipping at a standstill, oil prices spiked toward $120 a barrel.
IEA Executive Director Fatih Birol explained the necessity of the move, stating, “The oil market challenges we are facing are unprecedented in scale.”
He emphasized that because “oil markets are global so the response to major disruptions needs to be global too.”
While the release aims to calm the markets, Birol warned that true stability depends on the war ending, noting, “The most important thing for a return to stable flows of oil and gas is the resumption of transit through the Strait of Hormuz.”
