Business · 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

Get the app

More briefs

BusinessIceland supermarket boss tells the Chancellor to cut business taxes for employers BusinessNorwich trains face disruption in September and October for rail works BusinessEngland's free bus pass age will rise to 67 by April 2028 BusinessBritish tourist visits to Japan up 40.8% since 2019 TechnologyGoogle paying £260m to settle UK Play Store developer lawsuit BusinessSnack makers warn new UK rules could undo years of reformulation work More business stories → Browse all stories →