IEA agrees to release record volume of emergency oil reserves in effort to calm prices

[https://www.pbs.org/newshour/economy/iea-agrees-to-release-record-volume-of-emergency-oil-reserves-in-effort-to-calm-prices](https://www.pbs.org/newshour/economy/iea-agrees-to-release-record-volume-of-emergency-oil-reserves-in-effort-to-calm-prices)

The International Energy Agency (IEA) on Wednesday agreed to release a record 400 million barrels of oil from emergency reserves to counter the massive supply shock caused by the Iran war and the shutdown of the Strait of Hormuz, aiming to stabilize prices and support global energy security.

The decision by the IEA is meant to cap crude prices after the Iran war and Strait of Hormuz closure; it could cool off the recent spike in Brent oil and WTI and take some upside pressure off oil majors and refiners in the short term.