IEA announces release of 400 million barrels of oil. But is it enough?

"The International Energy Agency (IEA), a global energy watchdog, with several of the wealthiest countries as member nations, has announced the largest release of government oil reserves in its history, two weeks after the United States and Israel started their war on Iran with strikes on Tehran."

"The war in the Middle East is creating the largest supply disruption in the history of the global oil market, the IEA said in its monthly market report. While the IEA's 32 member nations appeared hesitant earlier in the week to tap into the strategic reserves, they ultimately announced they would release nearly 400 million barrels of emergency crude."

"The energy watchdog argued that the supply shock triggered by Iran's strikes on cargo vessels and its blockade of the Strait of Hormuz meant energy markets are facing a worse crisis than during the Gulf War of 1991 and Russia's 2022 invasion of Ukraine."

The International Energy Agency announced its largest strategic oil reserve release in history, deploying nearly 400 million barrels—one-third of member nations' total reserves—following escalating Middle East tensions. Iran's retaliatory strikes on Israel and US assets, combined with Strait of Hormuz closure, created the largest supply disruption in global oil market history, pushing crude prices above $100 per barrel. The IEA characterized this crisis as worse than the 1991 Gulf War and 2022 Ukraine invasion. This marks the sixth emergency reserve release by IEA members, following previous releases during the Gulf War, Hurricane Katrina, Libyan civil war, and Ukraine invasion. Questions remain about whether this single intervention sufficiently stabilizes volatile energy markets.

Read at www.aljazeera.com