Business · 12 March 2026

IEA releases record 400 million barrels oil prices still climb.

Unsplash / Documerica

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

Understand this story

What is a barrel of oil? Why did the G7 release oil? Why do oil prices matter?

More briefs

BusinessApple to see UK crackdown on iPhone contactless payment fees BusinessRyanair boss warns of biggest ever European flight price hike BusinessThames Water creditors name Labour peer John Hutton as chair for proposed rescue BusinessMillions of Revolut and Lloyds customers hit by major outage BusinessElizabeth Holmes Documentary Takes $15m in Biggest Opening in 20 Years BusinessMortgage Deals Vanishing at Fastest Rate on Record More business stories → Browse all stories →