The International Energy Agency has proposed the largest release of oil reserves in its history to restrain soaring crude prices amid the U.S.-Israel war with Iran, the Wall Street Journal said on Tuesday, citing officials familiar with the matter. On Tuesday, G7 energy ministers stopped short of agreeing on a release of strategic oil reserves, asking the IEA to assess the situation instead. "G7 countries are generally supportive of an IEA coordinated oil stock release," the source added, speaking on condition of anonymity. "The IEA secretariat is expected to propose scenarios, based on expected market impact, and outreach may extend to non-IEA members like China and India." U.S. crude and Brent crude futures dropped after the Wall Street Journal report.

Source: The Telegraph March 11, 2026 11:01 UTC