General · 12 March 2026

IEA releases record 400 million barrels oil prices still climb.

Consumers could face higher costs as oil prices climbed sharply on Wednesday, despite a record international release of strategic reserves. The International Energy Agency announced plans to release 400 million barrels of oil to stabilise global markets amidst Middle East tensions. The IEA’s largest intervention ever was prompted by 14 vessels being struck in the Strait of Hormuz.

By BriefTea Editorial · 12 March 2026 at 4:01

Reported by Crude Oil Prices Today | OilPrice.com · How we write briefs

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