IEA considers historic oil reserve release amid Iran conflict. The International Energy Agency has proposed its largest strategic petroleum reserve drawdown ever to counter supply disruptions from escalating Middle East tensions. This release would dwarf the 182 million barrels deployed during Russia's Ukraine invasion in 2022. Oil markets reacted volatilely, with Brent crude trading near $87.91 and WTI at $83.52 per barrel. G7 leaders, including French President Macron, convened to discuss emergency stockpile releases. Analysts expect crude to remain highly volatile, trading between $75 and $105 per barrel. The conflict threatens critical chokepoints like the Strait of Hormuz, where the US military eliminated Iranian mine-laying vessels.
